56-49-102 - Applicability Enforcement.
56-49-102. Applicability Enforcement.
(a) This chapter applies to an insurer or agent transacting creditor-placed insurance as defined in this chapter.
(b) All creditor-placed insurance written in connection with credit transactions for personal, family or household purposes is subject to this chapter, except:
(1) Transactions involving extensions of credit primarily for business or commercial purposes;
(2) Insurance on collateraIized real property;
(3) Insurance offered by the creditor and elected by the debtor at the debtor's option;
(4) Insurance for which no specific charge is made to the debtor or the debtor's account; or
(5) Blanket insurance, whether paid for by the debtor or the creditor.
(c) Nothing in this chapter shall be construed to create or imply a private cause of action for violation of this chapter, and the commissioner shall have authority to bring administrative or judicial proceedings to enforce this chapter.
[Acts 1999, ch. 144, § 2.]