5-3-503. Notice of cancellation.

Statute text

If a default exists on a consumer insurance premium loan and any right to cure that exists has expired without cure being effected, the lender may give notice of cancellation of each insurance policy or contract to be canceled. If given, the notice of cancellation shall be in writing and given to the insurer who issued the policy or contract and to the insured. The insurer, within two business days after receipt of the notice of cancellation together with a copy of the insurance premium loan agreement if not previously given to the insurer, shall give any notice of cancellation required by the policy, contract, or law and, within ten business days after the effective date of the cancellation, pay to the lender any premium unearned on the policy or contract as of that effective date. Within ten business days after receipt of the unearned premium, the lender shall pay to the consumer indebted upon the insurance premium loan any excess of the unearned premium received over the amount owing by the consumer upon the insurance premium loan.

History

Source: L. 2000: Entire article R&RE, p. 1224, 1, effective July 1.

Annotations

Editor's note: This section is similar to former 5-7-103, as it existed prior to 2000.

ARTICLE 3.1
DEFERRED DEPOSIT LOAN ACT

Annotations

Law reviews: For article, "Borrowing from Peter to Pay Paul: A Statistical Analysis of Colorado's Deferred Deposit Loan Act", see 83 Den. U.L. Rev. 387 (2005).

 

Section

5-3.1-101. Short title.

5-3.1-101.5. Legislative declaration.

5-3.1-102. Definitions.

5-3.1-103. Written agreement requirements.

5-3.1-104. Notice to consumers.

5-3.1-105. Authorized charges.

5-3.1-106. Maximum loan amount - right to rescind.

5-3.1-107. Multiple outstanding transactions notice.

5-3.1-108. Renewal - new loan - consecutive loans - payment plan - definitions.

5-3.1-109. Form of loan proceeds.

5-3.1-110. Endorsement of instrument.

5-3.1-111. Redemption of instrument.

5-3.1-112. Authorized dishonored instrument charge.

5-3.1-113. Posting of charges.

5-3.1-114. Notice on assignment or sale of instruments.

5-3.1-115. Records and annual reports.

5-3.1-116. License requirement.

5-3.1-117. Examination and investigation.

5-3.1-118. Denial of license - discipline.

5-3.1-119. Applicability of other provisions of this title.

5-3.1-120. Criminal culpability.

5-3.1-121. Unfair or deceptive practices.

5-3.1-122. Unconscionability.

5-3.1-123. Use of multiple agreements for deferred deposit loans.