16a-4-110. (UCCC) Charge for insurance in connection with a refinancing or consolidation; duplicate charges.
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/ks/16a-4-110A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
16a-4-110.
(UCCC)Charge for insurance in connection with a refinancing or consolidation; duplicate charges.
(1)A creditor may not contract for or receive a separate charge for insurance in connection with a refinancing or a consolidation, unless:
(a)The consumer agrees at or before the time of 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 said consumer would have been entitled had there been no 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; and
(d)the charge does not exceed the amount permitted by this article.
(2)A creditor may not contract for or receive a separate charge for insurance which duplicates insurance with respect to which the creditor has previously contracted for or received a separate charge.