Utah Code 61-2d-107. Prohibition on single premium credit life insurance
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A borrower credit transaction involving a high-cost mortgage may not include:
(1) the offer or sale of any insurance policy, on a single premium or single fee basis, that insures, guarantees, or indemnifies the repayment of the outstanding balance of the loan against:
Terms Used In Utah Code 61-2d-107
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(1)(a) death;
(1)(b) illness;
(1)(c) accident;
(1)(d) disability; or
(1)(e) unemployment of the borrower; or
(2) debt cancellation or a debt suspension agreement.