Section 56-49-104 - Effective dates of insurance - Insurance charges(a) Creditor-placed insurance shall become effective on the latest of the following dates: (1) The date of the credit transaction;(2) The date prior coverage, including prior creditor-placed insurance coverage, lapsed;(3) One (1) year before the date on which the related insurance charge is made to the debtor's account; or(4) A later date provided for in the agreement between the creditor and insurer.(b) Creditor-placed insurance shall terminate on the earliest of the following dates:(1) The date other acceptable insurance becomes effective, subject to the debtor providing acceptable evidence of the other insurance to the creditor;(2) The date the collateralized personal property is repossessed, unless the property is returned to the debtor within ten (10) days of the repossession;(3) The date the collateralized personal property is determined by the insurer to be a total loss;(4) The date the debt is completely extinguished; or(5) An earlier date specified in the individual policy or certificate of insurance.(c) An insurance charge shall not be made to a debtor for a term longer than the scheduled term of the creditor-placed insurance when it becomes effective, nor may an insurance charge be made to the debtor for creditor-placed insurance before the effective date of the insurance.(d) If a charge is made to a debtor for creditor-placed insurance coverage that exceeds a term of one (1) year, the debtor shall be notified at least annually that the insurance will be cancelled and a refund or credit of unearned charges made if evidence of acceptable insurance secured by the debtor is provided.