Section 5-4-304 - Cancellation by creditor

This section does not apply to an insurance premium loan. A creditor shall not request cancellation of a policy of property or liability insurance except after the consumer's default or in accordance with a written authorization by the consumer, and in either case the cancellation does not take effect until written notice is delivered to the consumer or mailed to the consumer at his or her address as stated by the consumer. The notice shall state that the policy may be canceled on a date not less than ten days after the notice is delivered or, if the notice is mailed, not less than thirteen days after it is mailed.L. 2000: Entire article R&RE, p. 1233, § 1, effective July 1.This section is similar to former § 5-4-304, as it existed prior to 2000.