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Current as of January 01, 2022 | Updated by FindLaw Staff
(1) A creditor may not contract for or receive a separate charge for insurance in connection with a deferral described in section 5-2-204, a refinancing described in section 5-2-205, or a consolidation described in section 5-2-206 unless:
(a) The consumer agrees at or before the time of the deferral, refinancing, or consolidation that the charge may be made;
(b) The consumer is or is to be provided with insurance for an amount or a term, or insurance of a kind, in addition to that to which the consumer would have been entitled had there been no deferral, refinancing, or consolidation;
(c) The consumer receives a refund or credit on account of any unexpired term of existing insurance in the amount that would be required if the insurance were terminated under section 5-4-108; and
(d) The charge does not exceed the amount permitted under section 5-4-107.
(2) A creditor may not contract for or receive a separate charge for insurance that duplicates insurance with respect to which the creditor has previously contracted for or received a separate charge.
Cite this article: FindLaw.com - Colorado Revised Statutes Title 5. Consumer Credit Code § 5-4-110. Charge for insurance in connection with a deferral, refinancing, or consolidation--duplicate charges - last updated January 01, 2022 | https://codes.findlaw.com/co/title-5-consumer-credit-code/co-rev-st-sect-5-4-110/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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