Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-107 - INSURANCE WRITTEN IN CONNECTION WITH LOANS UNDER THE GEORGIA INSTALLMENT LOAN ACT
Rule 120-2-107-.10 - Insurance Permitted
Current through Rules and Regulations filed through March 20, 2024
(1) With respect to any consumer loan transaction, the creditor shall not require any insurance other than insurance covering the loss of or damage to any property in which the creditor is given a security interest. Credit life and credit accident and sickness insurance if required by the creditor, may be provided by the creditor through an insurer authorized to issue such insurance in this State.
(2) If a creditor requires any insurance permitted under subsection (1) above in any consumer loan transaction, the debtor shall be given written notice of the option of providing such insurance through an existing policy or a policy independently obtained and paid for by the debtor. If the creditor requires credit life insurance, the creditor shall give the debtor written notice of the debtor's right to choose either level term life insurance or reducing term life insurance coverage. The creditor may for reasonable cause before credit is extended decline the insurance provided by the debtor.
O.C.G.A. §§ 33-2-9, 7-3-11(3).
