Ala. Admin. Code r. 482-1-093-.07

Current through Register Vol. 43, No. 1, October 31, 2024

Section 482-1-093-.07 - Insurance Not To Exceed Amount Or Terms Of Loan

No insurance sold within the scope of this chapter may exceed in amount of coverage the amount of indebtedness on the underlying loan nor exceed in duration the scheduled term of the underlying loan. Household contents may be insured at their replacement cost up to the original amount of indebtedness.

Author: Vincent R. Ledlow, Associate Counsel

Ala. Admin. Code r. 482-1-093-.07

New Rule: June 12, 1992; effective June 22, 1992; Amended: October 15, 1996; effective April 1, 1997. Amended: July 23, 2002; effective August 2, 2002. Filed with LRS July 23, 2002. Rule is not subject to the Alabama Administrative Procedure Act.

Statutory Authority:Code of Ala. 1975, § 27-2-17.