a creditor requires insurance, upon notice to him the debtor shall have the option of providing the required insurance through existing policies of insurance owned or controlled by him, or through policies to be obtained and paid for by him, but the creditor may for reasonable cause decline the insurance provided by the debtor.

§ 4110. Charge for Insurance in Connection With a Deferment, Refinancing or Consolidation; Duplicate Charges.
(1) A creditor may not contract for or receive a separate charge for insurance in connection with a deferment (§ 2204 or § 3204), a refinancing (§ 2205 or § 3205), or a consolidation (§ 2206 or § 3206), unless:

(a) the debtor agrees at or before the time of the deferment, refinancing or consolidation that the charge may be made;
(b) coverage is provided or to be provided to the debtor, as to term, amount or kind of insurance, in addition to that to which he would have been entitled had there been no deferment, refinancing

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14 Guam Code Ann. UNIFORM CONSUMER CREDIT CODE
CH. 4 INSURANCE

or consolidation;

(c) the debtor receives the refund or credit on account of any unexpired term of existing insurance that would be appropriate as to amount if the insurance were terminated (§ 4108); and
(d) the charge does not exceed the amount permitted by this
Chapter (§ 4107).

(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.