Louisiana Revised Statutes 6:969.27 – Existing insurance
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Terms Used In Louisiana Revised Statutes 6:969.27
- Consumer: means a natural person who enters into a consumer loan or consumer credit sale of a motor vehicle to be used primarily for personal, family, or household purposes. See Louisiana Revised Statutes 6:969.6
- Consumer credit insurance: means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include insurance indemnifying the extender of credit against loss due to the debtor's default and non-filing insurance. See Louisiana Revised Statutes 6:969.6
- Motor vehicle: means any new or used transportation device, including automobiles, motorcycles, trucks, and other vehicles that are operated over the public highways and the streets of this state, but does not include traction engines, boat trailers, road rollers, implements of husbandry, and other agricultural vehicles. See Louisiana Revised Statutes 6:969.6
When consumer credit insurance is required in connection with a motor vehicle credit transaction, the extender of credit shall furnish the consumer a statement which shall clearly and conspicuously state that consumer credit insurance is required and that the consumer shall have the option of furnishing the required insurance either through existing policies of insurance coverages or through any insurance company authorized to transact business in Louisiana.
Acts 1999, No. 794, §1, eff. July 2, 1999.