83-54-3 - Application and construction of chapter. - Mississippi Statutes

§ 83-54-3. Application and construction of chapter.
 

(1)  This chapter applies to an insurer or producer transacting creditor-placed insurance as defined in this chapter. 

(2)  All creditor-placed insurance written in connection with credit transactions for personal, family or household purposes is subject to the provisions of this chapter, except: 

(a) Transactions involving extensions of credit primarily for business or commercial purposes; 

(b) Insurance on collateralized real property; provided, however, that creditor-placed insurance written for mobile homes or manufactured housing shall be subject to the provisions of this chapter; 

(c) Insurance offered by the creditor and elected by the debtor at the debtor's option; 

(d) Insurance for which no specific charge is made to the debtor or the debtor's account; or 

(e) Blanket insurance, whether paid for by the debtor or the creditor. 

(3)  Nothing in this chapter shall be construed to create or imply a private cause of action for violation of this chapter, and the commissioner shall have authority to bring administrative or judicial proceedings to enforce this chapter. 
 

Sources: Laws, 2001, ch. 307, § 2, eff from and after July 1, 2001.