District of Columbia Statutes
§ 31-5108 — Refunds, credits and charges.
District of Columbia·Title 31 Insurance and Securities.·Ch. 51 Credit Life, Accident, and Health Insurance.
(a)Each individual policy or certificate of credit life insurance or credit accident and health insurance shall provide that in the event of termination of the insurance prior to the scheduled maturity date of the indebtedness, any refund of an amount paid by the debtor for insurance shall be paid or credited promptly to the person entitled thereto; provided, that the Commissioner shall prescribe a minimum refund and no refund which would be less than such minimum need be made. The formula to be used in computing refunds shall be filed with the Commissioner who may disapprove such formula if he finds that it is unjust or unreasonable.
(b)If a creditor requires a debtor to make a payment in connection with credit life insurance or credit accident and health insurance and an individual po
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Legislative History
Sept. 25, 1962, 76 Stat. 583, Pub. L. 87-686, § 8; May 21, 1997, D.C. Law 11-268, § 10(m), 44 DCR 1730
Nearby Sections
15
§ 31-1001
Report requirement.§ 31-1004
Confidentiality.§ 31-101
Definitions.§ 31-103
Functions and duties.§ 31-105
Transfers.§ 31-106
Organization.§ 31-106.01
Student Loan Ombudsman.§ 31-106.02a
Prohibited conduct – student loan servicers.§ 31-106.02b
Affirmative duties – student loan servicers.§ 31-106.02c
Prohibited acts – private education lenders.