17:16V-5 Termination, cancellation conditions.
5. a. Collateral protection insurance shall terminate or shall be canceled upon the occurrence of any of the following:
(1)the date the creditor is provided with evidence of proper insurance coverage purchased by the debtor as required by the credit transaction agreement;
(2)completion of foreclosure, including sale, or repossession or similar event, including sale;
(3)the date that there is no further balance due from the debtor to the creditor; or
(4)the date specified in the collateral protection insurance policy.
b.If the collateral protection insurance is canceled and there is any unearned premium paid by the debtor which is refunded to the creditor, the creditor shall pay or credit the debtor with the amount of the refund pursuant to paragraph (10) of subsection c. of section 3 of this act. All statements of the loan balance and activity provided by the creditor to the debtor shall include all amounts debited or credited to the obligation due to the purchase and cancellation of collateral protection insurance.
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Last modified: October 11, 2016