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23-101-105. Term of insurance policy.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-101-105. Term of insurance policy.
(a) Creditor-placed insurance shall become effective on the latest of the following dates:
(1) The date of the credit transaction;
(2) The date prior coverage, including prior creditor-placed insurance coverage, lapsed;
(3) One (1) year before the date on which the related insurance charge is made to the debtor's account; or
(4) A later date provided for in the agreement between the creditor and insurer.
(b) Creditor-placed insurance shall terminate on the earliest of the following dates:
(1) The date other acceptable insurance becomes effective, subject to the debtor's providing acceptable evidence of the other insurance to the creditor;
(2) The date the collateralized personal property is repossessed, unless the property is returned to the debtor within ten (10) days of the repossession;
(3) The date the collateralized personal property is determined by the insurer to be a total loss;
(4) The date the debt is completely extinguished; or
(5) An earlier date specified in the individual policy or certificate of insurance.
(c) An insurance charge shall not be made to a debtor for a term longer than the scheduled term of the creditor-placed insurance when it becomes effective, nor may an insurance charge be made to the debtor for creditor-placed insurance before the effective date of the insurance.
(d) If a charge is made to a debtor for creditor-placed insurance coverage that exceeds a term of one (1) year, the debtor shall be notified at least annually that the insurance will be canceled and a refund or credit of unearned charges made if evidence of acceptable insurance secured by the debtor is provided.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-101-105
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-101-105
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f75f677a671151e1094b2ba90417cc90ac2f659327ee1aa64655ad96a383f69c
Source location: content.xml paragraph 60270
Stored source content
23-101-105. Term of insurance policy.
(a) Creditor-placed insurance shall become effective on the latest of the following dates:
(1) The date of the credit transaction;
(2) The date prior coverage, including prior creditor-placed insurance coverage, lapsed;
(3) One (1) year before the date on which the related insurance charge is made to the debtor's account; or
(4) A later date provided for in the agreement between the creditor and insurer.
(b) Creditor-placed insurance shall terminate on the earliest of the following dates:
(1) The date other acceptable insurance becomes effective, subject to the debtor's providing acceptable evidence of the other insurance to the creditor;
(2) The date the collateralized personal property is repossessed, unless the property is returned to the debtor within ten (10) days of the repossession;
(3) The date the collateralized personal property is determined by the insurer to be a total loss;
(4) The date the debt is completely extinguished; or
(5) An earlier date specified in the individual policy or certificate of insurance.
(c) An insurance charge shall not be made to a debtor for a term longer than the scheduled term of the creditor-placed insurance when it becomes effective, nor may an insurance charge be made to the debtor for creditor-placed insurance before the effective date of the insurance.
(d) If a charge is made to a debtor for creditor-placed insurance coverage that exceeds a term of one (1) year, the debtor shall be notified at least annually that the insurance will be canceled and a refund or credit of unearned charges made if evidence of acceptable insurance secured by the debtor is provided.
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