Cal. Code Regs. Tit. 10, § 1497 - Cancellation of Insurance Policy. After Repossession: Credit or Refund Required

A finance company shall, within 10 days after the repossession and sale of such collateral securing the loan by the finance company, notify the borrower that existing insurance may be canceled by the borrower, and a refund of premium obtained and shall, if requested, join such borrower in any request for cancellation of such policy. Any funds received by a finance company as a return premium resulting from cancellation of any insurance policy written in connection with a loan shall be immediately credited or refunded to the borrower.


Cal. Code Regs. Tit. 10, § 1497

Note: Authority cited: Section 22150, Financial Code. Reference: Sections 22150,22311, 22312 and 22313, Financial Code.

1. Amendment filed 12-29-83; effective thirtieth day thereafter (Register 83, No. 53).
2. Change without regulatory effect amending Note filed 6-14-95 pursuant to section 100, title 1, California Code of Regulations (Register 95, No. 24).

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