§ 5-4-304 — Cancellation by creditor

This section does not apply to an
insurance premium loan. A creditor shall not request cancellation of a policy of
property or liability insurance except after the consumer's default or in accordance
with a written authorization by the consumer, and in either case the cancellation
does not take effect until written notice is delivered to the consumer or mailed to
the consumer at his or her address as stated by the consumer. The notice shall
state that the policy may be canceled on a date not less than ten days after the
notice is delivered or, if the notice is mailed, not less than thirteen days after it is
mailed.

Legislative History

Source: L. 2000: Entire article R&RE, p. 1233, � 1, effective July 1.