Section 40.903 - Rebates of Unearned Credit Insurance Premiums(a) When a loan is fully prepaid, an industrial loan company shall rebate any unearned credit insurance premium to the borrower. If a loan becomes fully prepaid on or before 15 days after the loan was made, the entire credit insurance premium must be rebated to the borrower.(b) When a loan is paid by credit life insurance, any unearned credit disability insurance premium must be promptly refunded to the borrower's heirs or estate and the refund must be computed as of the date of the borrower's death.Cal. Code Regs. Tit. 10, § 40.903
1. Change without regulatory effect renumbering former section 1204 to new section 40.903 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34). Note: Authority cited: Section 18327, Financial Code. Reference: Section 18290, Financial Code.
1. Change without regulatory effect renumbering former section 1204 to new section 40.903 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).