Arizona § 20-1605 - Maximum amount of credit life insurance
Full text of Arizona Arizona Revised Statutes § 20-1605 — Maximum amount of credit life insurance, with citation guidance and answers to common questions.
§ 20-1605. Maximum amount of credit life insurance
A. The initial amount of credit life insurance shall not exceed the gross debt.
B. If a debt is repayable in substantially equal installments, the amount of insurance shall at no time exceed the scheduled or actual amount of the gross debt, whichever is greater.
C. Notwithstanding subsections A and B, credit life insurance in connection with a loan not exceeding one year in duration, or pursuant to a bank or financial institution loan checking account or revolving line of credit plan, may be issued or made effective on a nondecreasing or level term plan in an amount not in excess of the loan. Credit life insurance on an educational transaction commitment may be issued or made effective in an amount which includes that portion of the commitment not yet advanced by the creditor.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 20-1605
What does Arizona Revised Statutes § 20-1605 cover?
Section 20-1605 ("Maximum amount of credit life insurance") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 20-1605?
A common citation format is "Arizona Revised Statutes § 20-1605" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 20-1605 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.