58-19-16. Creditor requiring debtor to pay for insurance--Notice to debtor--Credit to account.
If a creditor requires a debtor to make any payment for credit life insurance or credit health insurance and an individual policy or group certificate of insurance is not issued, the creditor shall immediately give written notice to such debtor and shall promptly make an appropriate credit to the account.
Source: SL 1966, ch 111, ch 27, §8 (3).