Mississippi § 83-54-7 - Effective date and termination date of coverage.
Full text of Mississippi Mississippi Code of 1972 Annotated § 83-54-7 — Effective date and termination date of coverage., with citation guidance and answers to common questions.
§ 83-54-7. Effective date and termination date of coverage.
Creditor-placed insurance shall become effective on the latest of the following dates: The date of the credit transaction; The date prior coverage, including prior creditor-placed insurance coverage lapsed; One (1) year before the date on which the related insurance charge is made to the debtor’s account; or A later date provided for in the agreement between the creditor and insurer. Creditor-placed insurance shall terminate on the earliest of the following dates: The date other acceptable insurance becomes effective, subject to the debtor providing acceptable evidence of the other insurance to the creditor; The date the collateralized personal property is repossessed, unless the property is returned to the debtor within ten (10) days of the repossession. The creditor-placed insurance may be kept in force, but the lender must pay the premium that is earned after repossession; The date the collateralized personal property is determined by the insurer to be a total loss; The date the debt is completely extinguished; or An earlier date specified in the individual policy or certificate of insurance. 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. 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 canceled and a refund or credit of unearned charges made if evidence of acceptable insurance secured by the debtor is provided.
Source: official Mississippi text · Last verified 2026-08-27
Frequently Asked Questions About Mississippi § 83-54-7
What does Mississippi Code of 1972 Annotated § 83-54-7 cover?
Section 83-54-7 ("Effective date and termination date of coverage.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. 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 Mississippi § 83-54-7?
A common citation format is "Mississippi Code of 1972 Annotated § 83-54-7" (Mississippi). 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 Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 83-54-7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi 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 Mississippi.