§ 24-4.5-4-104 — Creditor's provisions of and charge for insurance; excess amount of charge

Indiana § 24-4.5-4-104

• Jurisdiction: Indiana
• Art. 4.5: UNIFORM CONSUMER CREDIT CODE
• Ch. 4: Insurance

Text

Creditor's Provisions of and Charge for
Insurance; Excess Amount of Charge - (1) Except as otherwise
provided in this Chapter and subject to the provisions on additional
charges (IC 24-4.5-2-202 and IC 24-4.5-3-202) and maximum charges
(Part 2 of Chapter 2 and Chapter 3), a creditor may agree to provide
insurance, and may contract for and receive a charge for insurance
separate from and in addition to other charges. A creditor need not
make a separate charge for insurance provided or required by him. This
Article does not authorize the issuance of any insurance prohibited
under any statute, or rule thereunder, governing the business of
insurance.
(2) The excess amount of a charge for insurance provided for in
agreements in violation of this Chapter is an excess charge for the
purposes of the provisions of the Chapter on remedies and penalties
(Chapter 5) as to effect of violations on rights of parties (IC 24-4.5-5-202) and of the provisions of the Chapter on administration
(Chapter 6) as to civil actions by the department (IC 24-4.5-6-113).
Formerly: Acts 1971, P.L.366, SEC.5. As amended by
P.L.14-1992, SEC.41.