SENATE AMENDMENT
Bill No. CS for SB 2364, 1st Eng.
Amendment No. ___ Barcode 784816
CHAMBER ACTION
Senate House
.
.
1 4/AD/2R .
05/01/2003 02:34 PM .
2 .
.
3 .
.
4 ______________________________________________________________
5
6
7
8
9
10 ______________________________________________________________
11 Senator Diaz de la Portilla moved the following amendment:
12
13 Senate Amendment (with title amendment)
14 On page 65, between lines 29 and 30,
15
16 insert:
17 Section 67. Paragraph (c) of subsection (1) of section
18 627.679, Florida Statutes, is amended to read:
19 627.679 Amount of insurance; disclosure.--
20 (1)
21 (c) Before any credit life insurance may be sold in
22 connection with a specific installment loan, the creditor
23 agent or agent shall obtain a separate written acknowledgment
24 with respect to each of the following:
25 1. That the borrower understands that he or she has
26 the option of assigning any other policy or policies the
27 borrower owns or may procure for the purpose of covering such
28 loan and that the policy need not be purchased from the
29 creditor agent in order to obtain the loan.
30 2. That the borrower understands that the credit life
31 coverage may be deferred if, at the time of application, the
1
8:08 AM 04/30/03 s2364c1c-36m0b
SENATE AMENDMENT
Bill No. CS for SB 2364, 1st Eng.
Amendment No. ___ Barcode 784816
1 borrower is unable to engage in employment or unable to
2 perform normal activities of a person of like age and sex, if
3 the proposed credit life insurance policy contains this
4 restriction.
5 3. That the borrower understands that the benefits
6 under the policy will terminate when the borrower reaches a
7 certain age and that the borrower's age is accurately
8 represented on the application or policy.
9
10 Paragraph (c) does not apply to credit life insurance relating
11 to open-end or revolving credit arrangements. In lieu of the
12 required written acknowledgments set forth in this paragraph
13 and s. 626.9551(2)(a), if the sale of credit life insurance is
14 solicited or consummated telephonically, the creditor agent or
15 agent shall provide written disclosures of such options to the
16 borrower within 30 days from the date the coverage takes
17 effect. The borrower must be notified that he or she has 30
18 days from the date the disclosures are received to rescind the
19 credit life insurance coverage.
20
21 (Redesignate subsequent sections.)
22
23
24 ================ T I T L E A M E N D M E N T ===============
25 And the title is amended as follows:
26 On page 5, line 12, after the semicolon,
27
28 insert:
29 amending s. 627.679, F.S.; exempting certain
30 credit life insurance from the separate written
31 acknowledgement requirement;
2
8:08 AM 04/30/03 s2364c1c-36m0b