Sec. 110. (1) A creditor may not contract for or receive a separate charge for insurance in connection with a deferral ( IC 24-4.5-2-204 or IC 24-4.5-3-204 ), a refinancing ( IC 24-4.5-2-205 or IC 24-4.5-3-205 ), or a consolidation ( IC 24-4.5-2-206 or IC 24-4.5-3-206 ), unless: (a) the debtor agrees at or before the time of the deferral, refinancing, or consolidation that the charge may be made; (b) the debtor 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 he would have been entitled had there been no deferral, refinancing, or consolidation; (c) the debtor 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 ( IC 24-4.5-4-108 ); and (d) the charge does not exceed the amount permitted by this chapter ( IC 24-4.5-4-107 ). (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. Formerly: Acts 1971, P.L.366, SEC.5. As amended by P.L.152-1986, SEC.66.
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.