Credit Property Insurance Restrictions.

HB 347 restricts the types of automobile physical damage insurance that can be included in a credit property insurance policy. It prohibits coverage for costs like repossession or when a borrower disposes of or cannot be found with the collateral. The bill also prevents policies from requiring a borrower's insurance deductible to be less than $250. This legislation directly affects borrowers who obtain loans requiring credit property insurance and the insurers offering these policies. While these specific coverages cannot be integrated into a credit property insurance policy, they may be offered separately as long as no charge is passed to the borrower.