If a creditor requires insurance, upon notice to the creditor the consumer shall have the option of providing the required insurance through an existing policy of insurance owned or controlled by the consumer or through a policy to be obtained and paid for by the consumer, but the creditor may for reasonable cause decline the insurance provided by the consumer.
Source: L. 2000: Entire article R&RE, p. 1229, § 1, effective July 1.
Editor's note: This section is similar to former § 5-4-109, as it existed prior to 2000.
Structure Colorado Code
Title 5 - Consumer Credit Code
§ 5-4-102. Scope - Relation to Credit Insurance Act - Applicability to Parties
§ 5-4-103. Definitions - "Consumer Credit Insurance" - "Credit Insurance Act"
§ 5-4-104. Creditor's Provision of and Charge for Insurance - Excess Amount of Charge
§ 5-4-105. Conditions Applying to Insurance to Be Provided by Creditor
§ 5-4-107. Maximum Charge by Creditor for Insurance
§ 5-4-108. Refund or Credit Required - Amount
§ 5-4-109. Existing Insurance - Choice of Insurer
§ 5-4-111. Cooperation Between Administrator and Commissioner of Insurance
§ 5-4-112. Administrative Action of Commissioner of Insurance