17:16C-31 - Selection of insurer acceptable to retail seller; inclusion of premium in contract; cancellation of insurance by holder after repossession and sale - New Jersey Statutes

17:16C-31.  Selection of insurer acceptable to retail seller;  inclusion of  premium in contract;  cancellation of insurance by holder after repossession  and sale
    The retail buyer shall have the privilege of supplying insurance on the goods through an agent or broker of his own selection and selecting an insurance company acceptable to the retail seller;  provided, however, the inclusion of the premium for such insurance in the retail installment contract,  when the retail buyer selects the company, agent or broker, shall be optional  with the retail seller.  The amount, if any, included for such insurance shall  not exceed the premiums chargeable in accordance with the applicable rates  filed with the commissioner for such insurance.  The retail seller or holder,  if the premium for dual insurance on the goods is included in a retail  installment contract, shall within 25 days after the execution of the retail  installment contract send or cause to be sent to the retail buyer a policy or  policies or certificate of insurance, written by an insurance company  authorized to do business in this State, clearly setting forth the amount of  the premium, the kind or kinds of insurance and the scope of the coverage and  all the terms, exceptions, limitations, restrictions and conditions of the  contract or contracts of insurance.  The holder of a retail installment  contract shall, if the goods described therein have been repossessed and sold,  cancel any insurance on the goods and any other insurance or other benefits  then in force and shall credit the amount of the return premium thereon to the  unpaid balance outstanding on the retail installment contract.

     L.1960, c. 40, p. 153, s. 31.