Arizona § 20-1605 Maximum amount of credit life insurance

Arizona Statutes

§ 20-1605 — Maximum amount of credit life insurance

Arizona § 20-1605

Title 20Arizona Revised Statutes

Ch. 6PARTICULAR TYPES OF INSURANCE

Art. 10Consumer Credit Insurance

This text of Arizona § 20-1605 (Maximum amount of credit life insurance) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 20-1605 (2026).

Text

A.The initial amount of credit life insurance shall not exceed the gross debt.

B.If a debt is repayable in substantially equal installments, the amount of insurance shall at no time exceed the scheduled or actual amount of the gross debt, whichever is greater.

C.Notwithstanding subsections A and B, credit life insurance in connection with a loan not exceeding one year in duration, or pursuant to a bank or financial institution loan checking account or revolving line of credit plan, may be issued or made effective on a nondecreasing or level term plan in an amount not in excess of the loan. Credit life insurance on an educational transaction commitment may be issued or made effective in an amount which includes that portion of the commitment not yet advanced by the creditor.

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A. The initial amount of credit life insurance shall not exceed the gross debt.

B. If a debt is repayable in substantially equal installments, the amount of insurance shall at no time exceed the scheduled or actual amount of the gross debt, whichever is greater.

C. Notwithstanding subsections A and B, credit life insurance in connection with a loan not exceeding one year in duration, or pursuant to a bank or financial institution loan checking account or revolving line of credit plan, may be issued or made effective on a nondecreasing or level term plan in an amount not in excess of the loan. Credit life insurance on an educational transaction commitment may be issued or made effective in an amount which includes that portion of the commitment not yet advanced by the creditor.