Section 70C-6-301 - Property insurance(1) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property related to the credit transaction unless: (a) the insurance covers a significant risk of loss of or damage to the property;(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.Enacted by Chapter 159, 1985 General Session