(1) This article applies to insurance provided or to be provided in relation to a consumer credit transaction.
(2) This article supplements and does not repeal the Credit Insurance Act, article 10 of title 10, C.R.S. The provisions of this code concerning administrative controls, liabilities, and penalties do not apply to persons acting as insurers, and the similar provisions of the Credit Insurance Act do not apply to creditors and consumers.
Source: L. 2000: Entire article R&RE, p. 1225, � 1, effective July 1.
Editor's note: This section is similar to former � 5-4-102, as it existed prior to 2000.
5-4-103. Definitions - consumer credit insurance - Credit Insurance Act. As used in this code, unless the context otherwise requires:
(1) Consumer credit insurance means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided but does not include:
(a) Insurance, as to which a finance charge is imposed and provided in relation to a credit transaction in which a payment is scheduled more than ten years after the extension of credit;
(b) Insurance issued as an isolated transaction on the part of the insurer not related to an agreement or plan for insuring consumers of the creditor; or
(c) Insurance indemnifying the creditor against loss due to the consumer's default.
(2) Credit Insurance Act means the Credit Insurance Act, article 10 of title 10, C.R.S.
Source: L. 2000: Entire article R&RE, p. 1225, � 1, effective July 1.
Editor's note: This section is similar to former � 5-4-103, as it existed prior to 2000.
5-4-104. Creditor's provision of and charge for insurance - excess amount of charge. (1) Except as otherwise provided in this article and subject to the provisions on additional charges contained in section 5-2-202 and maximum charges contained in section 5-2-201, a creditor may agree to provide insurance and may contract for and receive a charge for insurance separate from and in addition to other charges. A creditor need not make a separate charge for insurance provided or required by the creditor. This code does not authorize the issuance of any insurance prohibited under any statute, or rule thereunder, governing the business of insurance.
(2) The excess amount of a charge for insurance provided for in agreements in violation of this article is an excess charge for the purposes of:
(a) The provisions on remedies and penalties contained in article 5 of this title as to effect of violations on rights of parties under section 5-5-201; and
(b) The provisions on administration contained in article 6 of this title as to civil actions by the administrator under section 5-6-114.
Source: L. 2000: Entire article R&RE, p. 1225, � 1, effective July 1.
Editor's note: This section is similar to former � 5-4-104, as it existed prior to 2000.