§ 24-4.5-4-102 — Application; relation to credit insurance act

(1) Except as provided in subsection (2),
this chapter applies to insurance provided or to be provided in relation
to a consumer credit sale (IC 24-4.5-1-301.5(8)), a consumer lease (IC 24-4.5-2-106), or a consumer loan (IC 24-4.5-1-301.5(9)).
(2) The provision on cancellation by a creditor (IC 24-4.5-4-304)
applies to loans the primary purpose of which is the financing of
insurance. No other provision of this chapter applies to insurance so
financed.
(3) This chapter supplements and does not repeal IC 27-8-4 (the
credit insurance act). The provisions of this article concerning
administrative controls, liabilities, and penalties do not apply to
persons acting as insurers, and the similar provisions of IC 27-8-4 do
not apply to creditors and debtors.
Formerly: Acts 1971, P.L.366, SEC.5. As amended by
P.L.153-1986, SEC.1; P.L.35-2010, SEC.61.