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#2054920 - 12/18/15 02:38 PM Credit Insurance Disclosures
mdog76 Offline
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Joined: Jan 2007
Posts: 645
If a commercial loan is made and made in the name of two individuals, can or do the credit insurance disclosures need to be given out?

Thank you

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Lending Compliance
#2054934 - 12/18/15 03:26 PM Re: Credit Insurance Disclosures mdog76
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,333
If you are referring to the Consumer Protection in Sales of Insurance Act, it pertains only to insurance sold primarily for personal, family or household purposes. If the insurance is covering commercial debt, then no.....no disclosures required.....at least that is how I interpret it.

ยง 343.20 Definitions.

As used in this part:

(a) Affiliate means a company that controls, is controlled by, or is under common control with another company.

(d) Consumer means an individual who purchases, applies to purchase, or is solicited to purchase from you insurance products or annuities primarily for personal, family, or household purposes.
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#2054957 - 12/18/15 04:14 PM Re: Credit Insurance Disclosures mdog76
mdog76 Offline
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Joined: Jan 2007
Posts: 645
That's what I was looking for.

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