Washington Code 48.22.130 – Vendor single-interest or collateral protection coverage — Canceled or discontinued — Premium refund
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If vendor single interest or collateral protection coverage is canceled or discontinued under RCW 48.22.125 (1) or (2), the amount of unearned premium must be refunded to the borrower. At the option of the secured party, this refund may take the form of a credit against the borrower’s obligation to the secured party. If the refund is taken as a credit against the borrower’s obligation to the secured party, the secured party shall provide the borrower with an itemized statement that indicates the amount of the credit and where the credit has been applied.
[ 1994 c 186 § 5.]
NOTES:
Effective date—1994 c 186 §§ 1-5: See note following RCW 48.22.110.
Terms Used In Washington Code 48.22.130
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.