Arkansas Statutes
§ 23-101-104 — Prohibited coverages
Arkansas·Title 23
(a)Creditor-placed insurance coverage shall not include:
(1)Coverage for the cost of repossession;
(2)Skip, confiscation, and conversion coverage;
(3)Coverage for payment of mechanics' or other liens that do not arise from a covered loss occurrence;
(4)Coverage that requires a debtor's insurance deductible to be less than two hundred fifty dollars ($250); or (5) Coverage that is broader than the insurance coverages that meet the minimum insurance requirements of the credit agreement.
(b)Nothing in this section shall be deemed to prohibit the issuance of a separate policy or endorsement providing the coverages listed in subsection (a) of this section. However, no charge shall be passed along to the debtor for the coverages.
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Legislative History
Acts 1997, No. 930, § 6.
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