Utah Code 70C-6-201. Term of insurance
Current as of: 2024 | Check for updates
|
Other versions
(1) Consumer credit insurance provided by a creditor may be subject to the furnishing of evidence of insurability satisfactory to the insurer. Whether or not this evidence is required, the term of the insurance shall commence no later than when the debtor becomes obligated to the creditor or when the debtor applies for the insurance, whichever is later, except as follows:
Terms Used In Utah Code 70C-6-201
- Agreement: means the bargain of the parties in fact as stated in a written contract or otherwise as found in the parties' language or by implication from other circumstances, including:(1)(a) course of dealing;(1)(b) usage of trade; or(1)(c) course of performance. See Utah Code 70C-1-302
- Creditor: means :
(4)(a)(i) a party:(4)(a)(i)(A) who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four installments, not including a down payment; and(4)(a)(i)(B) to whom the obligation is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract;(4)(a)(ii) an issuer of a credit card that extends either open-end credit or credit that:(4)(a)(ii)(A) is not subject to a finance charge; and(4)(a)(ii)(B) is not payable by written agreement in more than four installments; and(4)(a)(iii) an issuer of a credit card that extends closed-end credit that:(4)(a)(iii)(A) is subject to a finance charge; or(4)(a)(iii)(B) is payable by written agreement in more than four installments. See Utah Code 70C-1-302- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
- Writing: includes :
(48)(a) printing;(48)(b) handwriting; and(48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5(1)(a) if any required evidence of insurability is not furnished until more than 30 days after the term would otherwise commence, the term may commence on the date when the insurer determines the evidence to be satisfactory; or(1)(b) if the creditor provides insurance not previously provided covering debts previously created, the term may commence on the effective date of the policy.(2) With respect to a closed-end credit agreement, the originally scheduled term of the insurance shall extend at least until the due date of the last scheduled payment of the debt, but may not extend more than 15 days after the originally scheduled due date of the last scheduled payment of the debt unless:(2)(a) it is extended without additional cost to the debtor;(2)(b) it is extended in connection with a deferral, refinancing, or consolidation; or(2)(c) if the debtor is advised in writing that the insurance will be written for a specified shorter time, the term need extend only until the end of the specified time.(3) With respect to an open-end credit agreement, if the creditor agrees to provide consumer credit insurance, the creditor shall provide sufficient insurance to pay the unpaid balance in the open-end account at any point in time up to the limit of the line of credit granted, unless the parties to the credit agreement specifically agree in writing the insurance provided may be for a definite or limited term, and may be for a maximum amount less than the unpaid balance in the account at any time or less than the maximum amount of credit authorized. - Creditor: means :