70C-6-103 - Creditor's provision of and charge for insurance -- Excess amount of charge.
70C-6-103. Creditor's provision of and charge for insurance -- Excess amount ofcharge.
(1) Except as otherwise provided in this chapter, a creditor may agree to provideinsurance. If insurance is not required, a charge for such insurance shall be separate from and inaddition to other charges. A creditor shall separately disclose any charge for insurance requiredand provided by it. This title does not authorize the issuance of any insurance prohibited underany statute, rule, or regulation.
(2) A charge for insurance which exceeds the maximum authorized by Section70C-6-105 is an excess charge for the purposes of Chapter 7 on remedies and penalties, as toeffect of violations on rights of parties under Section 70C-7-201, and of Chapter 8 onadministration.
Enacted by Chapter 159, 1985 General Session