Louisiana Revised Statutes 22:1508 – Initial notification
Terms Used In Louisiana Revised Statutes 22:1508
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Policy: means an automobile liability, automobile physical damage, or automobile collision policy, or any combination thereof, delivered or issued for delivery in this state, or any binder based on such a policy, insuring a single individual or husband and wife resident of the same household, as named insured, and under which the insured vehicles therein designated are of the following types only:
(a) A private passenger vehicle that is not used as a public or livery conveyance for passengers, nor rented to others. See Louisiana Revised Statutes 22:1266
A. If an insurer writing personal insurance uses credit information in underwriting or rating a consumer, the insurer or its agent shall disclose, either on the insurance application or at the time the insurance application is taken, that it may obtain credit information in connection with such application. Such disclosure shall be either written or provided to an applicant in the same medium as the application for insurance. The insurer need not provide the disclosure statement required under this Section to any insured on a renewal policy, if such consumer has previously been provided a disclosure statement.
B. Use of the following example disclosure statement constitutes compliance with this Section: “In connection with this application for insurance, we may review your credit report or obtain or use a credit-based insurance score based on the information contained in that credit report. We may use a third party in connection with the development of your insurance score.”
Acts 2003, No. 1256, §1; Redesignated from La. Rev. Stat. 22:1488 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.