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UTAH STATUTES AND CODES
61-2d-107 - Prohibition on single premium credit life insurance.
61-2d-107. Prohibition on single premium credit life insurance.
A borrower credit transaction involving a high-cost mortgage may not include:
(1) the offer or sale of any insurance policy, on a single premium or single fee basis, thatinsures, guarantees, or indemnifies the repayment of the outstanding balance of the loan against:
(a) death;
(b) illness;
(c) accident;
(d) disability; or
(e) unemployment of the borrower; or
(2) debt cancellation or a debt suspension agreement.
A borrower credit transaction involving a high-cost mortgage may not include:
(1) the offer or sale of any insurance policy, on a single premium or single fee basis, thatinsures, guarantees, or indemnifies the repayment of the outstanding balance of the loan against:
(a) death;
(b) illness;
(c) accident;
(d) disability; or
(e) unemployment of the borrower; or
(2) debt cancellation or a debt suspension agreement.
Enacted by Chapter 252, 2004 General Session
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