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Utah Administrative Code (Current through November 1, 2019) |
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R335. Financial Institutions, Consumer Credit |
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R335-4. Notice Concerning Refund of Unearned Credit Insurance Premiums Upon Prepayment of a Consumer Debt |
R335-4. Notice Concerning Refund of Unearned Credit Insurance Premiums Upon Prepayment of a Consumer Debt
| R335-4-1. Authority, Scope and Purpose |
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Latest version.
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(1) This rule is adopted pursuant to Section 70C-8-102(1)(e). (2) This rule shall apply to all credit transactions subject to Title 70C, Utah Consumer Credit Code. (3) The purpose for this rule is to require all consumer creditors, including assignees or other successors in interest, to notify a borrower when a debtor may be entitled to a separate refund of unearned credit insurance premiums. |
| R335-4-2. Notice Concerning Separate Refund of Unearned Credit Insurance Premiums Required |
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Latest version.
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If a debtor becomes entitled to a refund of premiums paid for credit insurance, as defined in Section 70C-6-102, that terminates prior to the end of the term for which it was written, and if the debtor does not receive a refund or credit of the unearned insurance premiums at the time of prepayment or termination, the party receiving the final payment or to whom the obligation was last owed shall promptly notify the debtor of the right to a separate refund of the unearned insurance premiums. The notice shall also state the name and address of each party who should be contacted about obtaining the refund if known to the party providing the notice. |