§ 23-67-407 - Initial notification. - Arkansas Statutes

23-67-407. Initial notification.

(a) (1) If an insurer writing personal insurance uses credit information in underwriting or rating a consumer, the insurer or its agent shall disclose either on the insurance application or at the time the insurance application is taken that it may obtain credit information in connection with the application.

(2) The disclosure shall be either written or provided to an applicant in the same medium as the application for insurance.

(3) The insurer need not provide the disclosure statement required under this section to any insured on a renewal policy if the insured has previously been provided a disclosure statement.

(b) Use of the following example disclosure statement constitutes compliance with this section: "In connection with this application for insurance, we may review your credit report or obtain or use a credit-based score based on the information contained in that credit report. We may use a third party in connection with the development of your credit score."