C.R.S. Section 5-4-110
Charge for insurance in connection with a deferral, refinancing, or consolidation

  • duplicate charges

(1)

A creditor may not contract for or receive a separate charge for insurance in connection with a deferral described in section 5-2-204, a refinancing described in section 5-2-205, or a consolidation described in section 5-2-206 unless:

(a)

The consumer agrees at or before the time of the deferral, refinancing, or consolidation that the charge may be made;

(b)

The consumer is or is to be provided with insurance for an amount or a term, or insurance of a kind, in addition to that to which the consumer would have been entitled had there been no deferral, refinancing, or consolidation;

(c)

The consumer receives a refund or credit on account of any unexpired term of existing insurance in the amount that would be required if the insurance were terminated under section 5-4-108; and

(d)

The charge does not exceed the amount permitted under section 5-4-107.

(2)

A creditor may not contract for or receive a separate charge for insurance that duplicates insurance with respect to which the creditor has previously contracted for or received a separate charge.

Source: Section 5-4-110 — Charge for insurance in connection with a deferral, refinancing, or consolidation - duplicate charges, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-05.­pdf (accessed Oct. 20, 2023).

Green check means up to date. Up to date

Current through Fall 2024

§ 5-4-110’s source at colorado​.gov