38.2-3733 - Portion of premium may be allowed to creditor; insurance may be provided and serviced at creditor's place of business. - Virginia Statutes

§ 38.2-3733. Portion of premium may be allowed to creditor; insurance may beprovided and serviced at creditor's place of business.

A. A portion of the premium for credit life insurance or credit accident andsickness insurance may be allowed by the insurer to a creditor for providingand servicing such insurance. Such portion of the premium so allowed shallnot be deemed as a rebate of premium or as interest charges or considerationor an amount in excess of permitted charges in connection with the loan orother credit transaction.

B. All of the acts necessary to provide and service credit life insurance andcredit accident and sickness insurance may be performed within the same placeof business in which is transacted the business giving rise to the loan orother credit transaction.

(1960, c. 67, § 38.1-482.9; 1982, c. 223, § 38.2-3712; 1986, c. 562; 1992, c.586.)