Under existing law, in a consumer credit transaction, a creditor may offer and a debtor has the option to accept credit life and disability and involuntary unemployment insurance for the term of the credit transaction.
This bill would specify that in addition to offering credit life and disability insurance and involuntary unemployment insurance as single coverage, a creditor may offer it as joint coverage if credit is extended to more than one party in a single transaction.
Read for the first time and referred to the Senate committee on Banking and Insurance
McCampbell filed a Conflict of Interst Declaration
Motion to Read a Third Time and Pass adopted Roll Call 904
Ledbetter motion to Previous Question adopted Roll Call 903
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Financial Services
Source: Alabama Legislature