Tennessee § 56-49-104 - Effective dates of insurance — Insurance charges.

§ 56-49-104. Effective dates of insurance — Insurance charges.

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 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 cancelled and a refund or credit of unearned charges made if evidence of acceptable insurance secured by the debtor is provided. Acts 1999, ch. 144, § 4.