If a creditor requires insurance, upon notice to the creditor the consumer shall have the option of providing the required insurance through an existing policy of insurance owned or controlled by the consumer or through a policy to be obtained and paid for by the consumer, but the creditor may for reasonable cause decline the insurance provided by the consumer.
Source: L. 2000: Entire article R&RE, p. 1229, � 1, effective July 1.
Editor's note: This section is similar to former � 5-4-109, as it existed prior to 2000.
5-4-110. Charge for insurance in connection with a deferral, refinancing, or consolidation - duplicate charges. (1) A creditor may not contract for or receive a separate charge for insurance in connection with a deferral described in section 5-2-204, a refinancing described in section 5-2-205, or a consolidation described in section 5-2-206 unless:
(a) The consumer agrees at or before the time of the deferral, refinancing, or consolidation that the charge may be made;
(b) The consumer is or is to be provided with insurance for an amount or a term, or insurance of a kind, in addition to that to which the consumer would have been entitled had there been no deferral, refinancing, or consolidation;
(c) The consumer receives a refund or credit on account of any unexpired term of existing insurance in the amount that would be required if the insurance were terminated under section 5-4-108; and
(d) The charge does not exceed the amount permitted under section 5-4-107.
(2) A creditor may not contract for or receive a separate charge for insurance that duplicates insurance with respect to which the creditor has previously contracted for or received a separate charge.
Source: L. 2000: Entire article R&RE, p. 1229, � 1, effective July 1.
Editor's note: This section is similar to former � 5-4-110, as it existed prior to 2000.
5-4-111. Cooperation between administrator and commissioner of insurance. The administrator and the commissioner of insurance are authorized and directed to consult and assist one another in maintaining compliance with this article. They may jointly pursue investigations, prosecute suits, and take other official action, as may seem to them appropriate, if either of them is otherwise empowered to take the action. If the administrator is informed of a violation or suspected violation by an insurer of this article or of the insurance laws, rules, and regulations of this state, the administrator shall advise the commissioner of insurance of the circumstances.
Source: L. 2000: Entire article R&RE, p. 1229, � 1, effective July 1.
Editor's note: This section is similar to former � 5-4-111, as it existed prior to 2000.