05
SB 166/AP
Senate
Bill 166
By: Senators Rogers of the 21st, Hudgens of the 47th, Stephens of the 27th, Harbison of the 15th and Stoner of the 6th
By: Senators Rogers of the 21st, Hudgens of the 47th, Stephens of the 27th, Harbison of the 15th and Stoner of the 6th
AS
PASSED
AN
ACT
To
amend Code Section 33_31_7 of the Official Code of Georgia Annotated, relating
to issuance of policy or certificate of credit life insurance, so as to provide
that the insurer shall deliver the policy or certificate to the insured within
60 days after the indebtedness is incurred; to provide for related matters; to
provide an effective date; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 33_31_7 of the Official Code of Georgia Annotated, relating to issuance
of policy or certificate of credit life insurance, is amended by striking
subsection (d) and inserting in lieu thereof a new subsection (d) to read as
follows:
"(d)
If the individual policy or group certificate of insurance is not delivered to
the debtor at the time the indebtedness is incurred and if an identifiable
charge is made to him or her for credit life insurance or credit accident and
sickness insurance, a copy of the application for the policy signed by the
debtor or a notice of proposed insurance setting forth the name and home office
address of the insurer, the name or names of the debtor, the rate or amount of
premium separately in connection with credit life insurance and credit accident
and sickness insurance coverage, and a brief description of the coverage
provided shall be delivered to the debtor at the time the indebtedness is
incurred. The copy of the application or the notice of proposed insurance shall
refer exclusively to insurance coverage and shall be separate and apart from the
loan, sale, or other credit statement of account, instrument, or agreement
unless the information required by this subsection is prominently set forth in
the application or the notice of proposed insurance. Upon acceptance of the
insurance and within 60 days of the date upon which the indebtedness is
incurred, the insurer shall cause the individual policy or group certificate of
insurance to be delivered to the debtor. The application or notice of proposed
insurance shall state when the insurance shall become effective, which shall be
determined as provided in Code Section
33_31_5."
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.