Louisiana Revised Statutes 6:969.29 – Choice of insurer
Terms Used In Louisiana Revised Statutes 6:969.29
- agent: means any person licensed by the commission whose duties include the sale of a debt waiver or debt forgiveness agreement on behalf of the administrator. See Louisiana Revised Statutes 6:969.6
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Contract: means the consumer's retail installment contract, note, agreement, or other evidence of indebtedness executed in connection with a motor vehicle credit transaction. See Louisiana Revised Statutes 6:969.6
- Insurer: means an insurance company licensed, registered, or otherwise authorized to do business under the insurance laws of this state. See Louisiana Revised Statutes 6:969.6
The consumer shall have the privilege at the time of execution of the contract of purchasing any required or requested insurance from an agent or broker of his own selection and of selecting an insurance company acceptable to the extender of credit but, in such cases, the inclusion of the insurance premium in the contract shall be optional with the extender of credit. However, any licensed admitted property and casualty insurer possessing a valid certificate of authority to transact property and liability insurance coverage in the state of Louisiana shall be deemed to be an acceptable insurer for the provisions of this Chapter. The extender of credit may refuse any otherwise acceptable insurer which is under court-ordered rehabilitation, conservation, liquidation, or dissolution.
Acts 1999, No. 794, §1, eff. July 2, 1999.