Title 28, COMMERCIAL TRANSACTIONS

28-44-101. Short title. This chapter shall be known and may be cited as Idaho Credit Code – Insurance in Regulated Consumer Credit Transactions.

28-44-102. Scope — Relation to Credit Insurance Act — Applicability to parties. (1) Except as provided in subsection (2) of this section, this chapter applies to insurance provided or to be provided in relation to a regulated consumer credit transaction, as defined in section 28-…

28-44-103. Credit insurance — Credit Insurance Act — Defined. (1) In this act, "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 provided in relati…

28-44-104. Creditor’s provision of and charge for insurance — Excess amount of charge. (1) Except as otherwise provided in this chapter and subject to the provision on maximum charges, section 28-42-201, Idaho Code, a creditor may agree to provide insurance, and may contract for …

28-44-105. Conditions applying to insurance to be provided by creditor. If a creditor agrees with a debtor to provide insurance: (1) The insurance shall be evidenced by an individual policy, certificate of insurance, application or notice of proposed insurance, disclosed to debto…

28-44-106. Unconscionability. (1) In applying the provisions of this act on unconscionability, sections 28-45-106 and 28-46-111, Idaho Code, to a separate charge for insurance, consideration shall be given, among other factors, to: (a) Potential benefits to the debtor including t…

28-44-107. Maximum charge by creditor for insurance. (1) Except as provided in subsection (2) of this section, if a creditor contracts for or receives a separate charge for insurance, the amount charged to the debtor for the insurance may not exceed the premium to be charged by t…

28-44-108. Refund or credit required — Amount. (1) Upon prepayment in full of a regulated consumer credit sale or regulated consumer loan by the proceeds of credit insurance, the debtor or his estate is entitled to a refund of any portion of a separate charge for insurance which …

28-44-109. Existing insurance — Choice of insurer. If a creditor requires insurance, upon notice to the creditor, the debtor, as provided in section 41-2313, Idaho Code, shall have the option of providing the required insurance through an existing policy of insurance owned or con…

28-44-110. 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, section 28-42-302, Idaho Code, a refinancing, section 28…

28-44-111. Cooperation between departments. The director of the department of finance and the director of the department of insurance are authorized and directed to consult and assist one another in maintaining compliance with this chapter. They may jointly pursue investigations,…

28-44-201. Term of insurance. (1) Credit insurance provided by a creditor may be subject to the furnishing of evidence of insurability satisfactory to the insurer. Whether or not such evidence is required, the term of the insurance shall commence no later than when the debtor bec…

28-44-202. Amount of insurance. (1) Except as provided in subsection (2) of this section: (a) In the case of credit insurance providing life coverage on an individual policy basis, the amount of insurance may not initially exceed the debt and, if the debt is payable in installmen…

28-44-203. Filing and approval of rates and forms. (1) A creditor may not use a form or a schedule of premium rates or charges, the filing of which is required by this section, if the director of the department of insurance has disapproved the form or schedule and has notified th…

28-44-301. Property insurance. (1) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless the creditor qualifies under chapter 9, title 41, Idaho Code, or rule or regulation prescribed by the director of the departm…

28-44-302. Insurance on creditor’s interest only. If a creditor contracts for or receives a separate charge for insurance against loss of or damage to property, the risk of loss or damage not willfully caused by the debtor is on the debtor only to the extent of any deficiency in …

28-44-303. Liability insurance. A creditor may not contract for or receive a separate charge for insurance against liability unless the insurance covers a substantial risk of liability arising out of the ownership or use of property related to the credit transaction.

28-44-304. Cancellation by creditor. A creditor shall not request cancellation of a policy of property or liability insurance except after the debtor’s default or in accordance with a written authorization by the debtor, and in either case the cancellation does not take effect un…

28-44-401. Cancellation of insurance pursuant to a premium finance loan. (1) With respect to a premium finance loan, the debtor may give the lender authority to cancel insurance contracts obtained for the debtor pursuant to the premium finance loan agreement. (2) A lender may not…