Section 4-301 - Property insurance(1) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless:(a) the insurance covers a substantial risk of loss of or damage to property related to the credit transaction;(b) the amount, terms, and conditions of the insurance are reasonable in relation to the character and value of the property insured or to be insured; and(c) the term of the insurance is reasonable in relation to the terms of credit.(2) The term of insurance is reasonable if it is customary and does not extend substantially beyond a scheduled maturity.Okla. Stat. tit. 14A, § 4-301
Added by Laws 1969, c. 352, § 4-301, eff. 7/1/1969. Amended by Laws 1988, c. 8, § 1, emerg. eff. 3/14/1988.