20-1611. Refunds
A. Each individual policy or group certificate of consumer credit insurance shall provide that, in the event of termination of insurance prior to the scheduled maturity date of the debt, any refund of an amount paid by the debtor for insurance shall be remitted or credited promptly to the person entitled to the refund or credit. The director shall prescribe a minimum refund, which shall be not less than five dollars. An insurer is not required to refund any amount that is less than the minimum. The formula to be used in computing refunds shall be filed with the director and shall be subject to the director's approval.
B. If a creditor requires a debtor to make any payment for consumer credit insurance and an individual policy or group certificate is not issued, the creditor shall immediately give written notice to the debtor and shall promptly make an appropriate refund to the debtor or credit the debtor's account.
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