When a creditor or lender requires a borrower to purchase collision insurance as a condition to obtaining a loan to purchase an automobile, and sells collision, but not liability, insurance to the borrower, then the creditor or lender shall provide written notice to the borrower that no liability insurance is being sold. This written notice shall be signed by the borrower and explained to the borrower as a part of or together with the loan papers executed by the borrower.
Structure 2021 Tennessee Code
Chapter 7 - Policies and Policyholders
Part 11 - General Provisions — Auto Insurance
§ 56-7-1103. Motor Vehicle Liability — Applicability of Sections
§ 56-7-1105. Liability for Failure to Comply
§ 56-7-1106. Collision Insurance Purchased as a Condition to Financing Automobile Purchase
§ 56-7-1108. Personal Automobile Insurance of Municipal, County, and State Employees
§ 56-7-1110. Insurance Coverage or Collision Damages Waivers for Rental Cars
§ 56-7-1112. Coverage of Foreign Exchange Student
§ 56-7-1113. Automobile Glass Replacement or Repair — Legislative Findings
§ 56-7-1116. Automobile Glass Replacement or Repair — Violations — Remedies
§ 56-7-1117. Intentional Acts or Omissions of Vehicle Owners