58-16-28. Maximum amount repayable in installments to creditor--Duration of insurance--Limited to amount of unpaid indebtedness. The amount of insurance under § 58-16-23 on the life of any debtor shall at no time exceed the amount owed by him which is repayable in installments to the creditor. Where the indebtedness is repayable in one sum to the creditor, the insurance on the life of any debtor shall in no instance be in effect for a period in excess of eighteen months except that such insurance may be continued for an additional period not exceeding six months in the case of default, extension or recasting of the loan. The amount of the insurance on the life of any debtor shall at no time exceed the amount of the unpaid indebtedness.
Source: SL 1966, ch 111, ch 24, § 1 (2) (d).
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