Credit insurance; require that debtors be provided with notice disclosing right to refund premium. (HB1972)
Introduced By
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Credit insurance. Requires that debtors under credit property insurance, credit involuntary unemployment insurance, credit life insurance, and credit accident and sickness insurance paid by a single premium be provided with a notice disclosing the right to a refund of premium if the insurance is terminated prior to its scheduled maturity date or the insured debt is terminated or paid off early, and of the debtor's obligation to notify the insurer of certain events. The minimum amount of a refund is increased from $1 to $5. Policies and certificates are required to include a notice advising the debtor of his rights and the insurer's obligations regarding premium refunds. Amends § 38.2-233 (“Credit involuntary unemployment insurance; credit property insurance; disclosure and readability.”), § 38.2-3724 (“Policy provisions; disclosure to debtors; delivery of policy or certificate.”), § 38.2-3729 (“Refunds.”), § 38.2-3735 (“Disclosure and readability.”), § 38.2-3737 (“Application.”), of the Code of Virginia. View Full Text »
Outcome
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