§ 5-3-502 — Form of insurance premium loan agreement

An agreement
pursuant to which a consumer insurance premium loan is made shall contain the
names of the insurance agent or broker negotiating each policy or contract and of
the insurer issuing each policy or contract, the number and inception date of and
premium for each policy or contract, the date on which the term of the loan begins,
and a clear and conspicuous notice that each policy or contract may be canceled if
payment is not made in accordance with the agreement. If a policy or contract has
not been issued by the time the agreement is signed, the agreement may provide
that the insurance agent or broker may insert the appropriate information in the
agreement and, if he or she does so, shall furnish the information promptly in
writing to the insured.

Legislative History

Source: L. 2000: Entire article R&RE, p. 1224, � 1, effective July 1.