1. Before a debtor elects to purchase consumer credit insurance in connection with a credit transaction, the following information must be disclosed to the debtor in writing:

(a) That the purchase of consumer credit insurance from the creditor is not mandatory and is not a condition for obtaining credit approval;

(b) If more than one type of consumer credit insurance is made available to the debtor, whether the debtor may purchase each separately or only as a package;

(c) The conditions of eligibility;

(d) That if the debtor has other insurance that covers the risk, the debtor may not want or need consumer credit insurance;

(e) That the debtor may cancel the insurance at any time, or if evidence of insurance is required for the extension of credit, upon proof of insurance that is acceptable to the creditor, and obtain a refund of or credit for:

(1) If the cancellation is not more than 30 days after the debtor receives the individual policy or certificate of insurance, any premium paid by the debtor; or

(2) If the cancellation is more than 30 days after the debtor receives the individual policy or certificate of insurance, any unearned premium paid by the debtor;

(f) A brief description of the coverage, including a description of the amount, term, exceptions, limitations and exclusions, the insured event, any waiting or elimination period, any deductible, any applicable waiver of premium, the person who would receive any benefits, and the premium or premium rate for the consumer credit insurance; and

(g) If the premium or insurance charge is financed, that it will be subject to finance charges at the rate applicable to the credit transaction.

2. The disclosures required pursuant to subsection 1:

(a) If made in connection with consumer credit insurance offered at the same time as the extension of credit or offered through direct mail advertisements, must be made in writing and presented to the customer in a clear and conspicuous manner; or

(b) If made in connection with consumer credit insurance offered after the extension of credit other than through direct mail advertisements, may be provided orally or electronically if written disclosures are provided not later than the earlier of:

(1) Ten days after the debtor elects to accept the coverage; or

(2) The date any other written material is provided to the debtor.

(Added to NRS by 2005, 2140)