424.302 Insurance on creditor's interest only. If a creditor contracts for or receives a separate charge for insurance against loss of or damage to property, the risk of loss or damage not willfully caused by the customer is on the debtor only to the extent of any deficiency in the effective coverage of the insurance, even though the insurance covers only the interest of the creditor.
History: 1971 c. 239.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 424 - Consumer transactions — insurance.
424.103 - Application of general definitions.
424.201 - Definition “consumer credit insurance".
424.202 - Charge for insurance.
424.203 - Conditions applying to insurance to be provided by creditor.
424.204 - Maximum charge by creditor for insurance.
424.205 - Refund or credit required.
424.206 - Deferral, refinancing and consolidation agreements.
424.208 - Amount of insurance.
424.209 - Filing and approval of rates and forms.
424.301 - Restrictions on property insurance.
424.302 - Insurance on creditor's interest only.
424.303 - Cancellation by creditor.
424.304 - Cancellation by customer.
424.401 - Cancellation by customer.
424.402 - Insurance cancellation credit or payment.
424.501 - False, misleading or deceptive insurance solicitation.
424.502 - Insurance commissions; limitations.
424.601 - Cooperation between administrator and commissioner of insurance.
424.602 - Administrative action of commissioner of insurance.