38.2-3736 - Noncontributory coverage. - Virginia Statutes

§ 38.2-3736. Noncontributory coverage.

If no specific charge is made to the debtor for credit life or creditaccident and sickness insurance, the Commission is granted discretion inapplying the provisions of this chapter. Each company must comply with §38.2-3725 and the filing letter must specifically request an exemption fromVirginia law. For purposes of this section, it will be considered that thedebtor is charged a specific amount for insurance if an identifiable chargefor insurance is disclosed in the credit or other instrument furnished thedebtor which sets out the financial elements of the credit transactions, orif there is a differential in finance, interest, service or other similarcharges made to debtors who are in like circumstances, except for theirinsured or noninsured status.

(1992, c. 586.)