Section 22.03. Refunds of fees in the event of termination or prepayment of the covered loan.

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(1) Refunds. If a debt cancellation contract or debt suspension agreement is terminated, including when the customer prepays the covered loan, the association shall refund to the customer any unearned fees paid for the contract unless the contract provides otherwise. An association may offer a customer a contract that does not provide for a refund only if the association also offers that customer a bona fide option to purchase a comparable contract that provides for a refund.

(2) The method of calculating refund. The association shall calculate the amount of a refund using a method at least as favorable to the customer as the actuarial method.

History: CR 05-045 : cr. Register January 2006 No. 601 , eff. 4-1-06.

                    
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