California Insurance Code

§ 1235

INS § 1235Div. 1 · Part 2 · Ch. 2 · Art. 5.5

Statute text

The life insurer shall do all of the following:

(1)Notify the policyholder at the time a cash loan is made of the initial rate of interest on the loan.

(2)Notify the policyholder with respect to premium loans of the initial rate of interest on the loan as soon as it is reasonably practical to do so after making the initial loan. Notice need not be given to the policyholder when a further premium loan is added, except as provided in paragraph (3).

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Legislative history

Added by Stats. 1982, Ch. 1351, Sec. 3.