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§ 13-114. Option of debtor to provide insurance

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 13. Credit Life, Health, and Involuntary Unemployment Benefit Insurance (Refs & Annos)
MD Code, Insurance, § 13-114
§ 13-114. Option of debtor to provide insurance
Currentness
In general
(a)(1) If a creditor requires credit life insurance, credit health insurance, or credit involuntary unemployment benefit insurance as additional security for an indebtedness, the debtor may:
(i) provide the required coverage through existing policies that the debtor owns or controls; or
(ii) procure and provide the required coverage through any authorized insurer.
(2) At any time during the credit transaction by giving notice to the creditor, the debtor may choose to provide the required coverage.
Notice of option
(b)(1) On consummation of a credit transaction in which a creditor requires as additional security for an indebtedness, and a debtor agrees to buy, credit life insurance, credit health insurance, or credit involuntary unemployment benefit insurance, the creditor shall notify the debtor in writing of the option referred to in subsection (a) of this section.
(2) The debtor shall acknowledge in writing that the debtor has received notice under paragraph (1) of this subsection.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 436L.
MD Code, Insurance, § 13-114, MD INSURANCE § 13-114
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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