refinancing, or consolidation - Duplicate charges. (1) A creditor may not contract for or receive a separate charge for insurance in connection with a deferral (Section 2-204 or Section 3-204), a refinancing (Section 2-205 or Section 3-205), or a consolidation (Section 2-206 or Section 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 (Section 4-108); and (d) the charge does not exceed the amount permitted by this article (Section 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.
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