Or. Admin. Code § 441-730-0230 - Insurance Benefits Paid to Licensee
(1) When a death claim settlement is made on
a borrower's account and the credit life insurance premium charged was based on
the total of installments contracted, including both principal and anticipated
interest, the licensee shall credit the borrower's account or estate in an
amount not less than the total of all installments including both principal and
unearned interest which were insured and scheduled to follow the date of the
borrower's death. The licensee is entitled to accrue interest for not to exceed
30 days after proof of death is received by the licensee or until the date the
insurance check is received, whichever is first to occur. A copy of the
insurance check shall be retained in the file for auditing purposes.
(2) If premium charges for other types of
credit life and credit health insurance have been charged to the account of the
deceased borrower, the unearned charges shall also be credited to the
borrower's account or estate from date of death.
Notes
Stat. Auth.: ORS 725
Stats. Implemented: ORS 725.340
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