A company updated the Credit Life and Disability Combination Certificate form that we use and told us to continue using
Disclosure Form Optional Credit Insurance form because it is a State required form that must be completed every time insurance is offered and placed in the loan file.

I don't think we have been consistent with the form they mentioned above on our consumer loans- can anyone verify that the form is a state requirement and has to be in the loan file.
Thanks alot.

Yes, it's still required. The rule requiring it comes from the Dept. of Insurance, and has been around since 1983 -- unchanged as far as I know.

Is this rule still a requirement in Ohio? I have a dealership who is saying it is not their responsibility to have the buyer initial this form.

I think I found it in the Ohio Law Department of Insurance. 3901-1-14 (b)4(a)

Reviving this post - Does anyone know if there are any timing requirements for providing the Ohio Optional Credit Insurance form? The only thing I can find is that it needs to be before the customer is obligated to purchase the insurance. Would that mean the form has to be initialed before signing the note if the premium is being financed?

https://codes.ohio.gov/ohio-administrative-code/rule-3901-1-14


(D)(4)(a) The disclosure required by paragraph (D)(3) of this rule is to be made to the debtor at the time of the debtor's application for credit life or credit accident and health insurance (excluding non-contributory insurance) in connection with a credit transaction, and before the debtor becomes obligated to purchase such insurance.

So, you have to do it twice.

Got it, thank you!