Every retail seller or sales finance company, if insurance is included in a retail installment contract, shall, within fifteen days after execution of the retail installment contract, send or cause to be sent to the retail buyer a policy or policies or certificate of insurance clearly setting forth the amount of the premium, the kind or kinds of insurance and the scope of the coverage and all of the terms, exceptions, limitations, restrictions and conditions of the insurance contract or contracts. In the event of repossession of goods under section 36a-785, where the holder of the retail installment contract has received a refund of all or part of the unearned insurance premiums paid by the retail buyer in connection with the retail installment contract, the holder shall apply such amount toward the balance of the retail buyer's obligations under the retail installment contract. For purposes of this section, “unearned insurance premiums” means the premiums that are collected by an insurer in advance, but subject to return if the coverage under the insurance contract or contracts ends before the term covered by the premiums is complete.

(1949 Rev., S. 6699, (c); 1957, P.A. 361, S. 1 (d); P.A. 16-65, S. 14.)

History: Sec. 42-86 transferred to Sec. 36a-773 in 1995; P.A. 16-65 added provisions re application of refunded unearned insurance premiums in the event of repossession and made a technical change.

See Sec. 42a-9-203 re attachment and enforceability of security interests.