HOUSE AMENDMENT Bill No. HB 577 CS
1	CHAMBER ACTION
2	Senate House
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12	Representative Stargel offered the following:
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14	Amendment (with title amendment)
15	Between lines 674 and 675, insert:
16	Section 21. Paragraph (c) of subsection (1) of section
17	627.679, Florida Statutes, is amended to read:
18	627.679 Amount of insurance; disclosure.--
19	(1)
20	(c) Before any credit life insurance may be sold in
21	connection with a specific installment loan, the creditor agent
22	or agent shall obtain a separate written acknowledgment with
23	respect to each of the following:
24	1. That the borrower understands that he or she has the
25	option of assigning any other policy or policies the borrower
26	owns or may procure for the purpose of covering such loan and
27	that the policy need not be purchased from the creditor agent in
28	order to obtain the loan.
29	2. That the borrower understands that the credit life
30	coverage may be deferred if, at the time of application, the
31	borrower is unable to engage in employment or unable to perform
32	normal activities of a person of like age and sex, if the
33	proposed credit life insurance policy contains this restriction.
34	3. That the borrower understands that the benefits under
35	the policy will terminate when the borrower reaches a certain
36	age and that the borrower's age is accurately represented on the
37	application or policy.
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39	This paragraph does not apply to credit life insurance relating
40	to open-end or revolving credit agreements.In lieu of the
41	required written acknowledgments set forth in this paragraph and
42	s. 626.9551(2)(a), if the sale of credit life insurance is
43	solicited or consummated telephonically, the creditor agent or
44	agent shall provide written disclosures of such options to the
45	borrower within 30 days from the date the coverage takes effect.
46	The borrower must be notified that he or she has 30 days from
47	the date the disclosures are received to rescind the credit life
48	insurance coverage.
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50	================= T I T L E A M E N D M E N T =================
51	Remove line 90, and insert:
52	Regulation; amending s. 627.679, F.S.; providing limitations on
53	sales of credit life insurance; providing an effective date.