Florida Statutes

Fla. Stat. § 627.679 (2025)

Amount of insurance; disclosure.

✓ 2025 Florida Statutes — current through the 2025 Regular Session

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627.679 Amount of insurance; disclosure.—

(1)(a) The amount of credit life insurance written under one or more policies shall not exceed by more than $5 the total of the payments of the specific contracts of indebtedness in connection with which it is written, when the indebtedness is repayable in substantially equal installments or in one installment or a single payment.

(b) The total amount of credit life insurance on the life of any debtor with respect to any loan or loans covered in one or more insurance policies shall at no time exceed the amount of the indebtedness.

(c) Before any credit life insurance may be sold in connection with a specific installment loan or home equity line of credit, the creditor agent or agent shall obtain a separate written acknowledgment with respect to each of the following:

1. That the borrower understands that he or she has the option of assigning any other policy or policies the borrower owns or may procure for the purpose of covering such loan and that the policy need not be purchased from the creditor agent in order to obtain the loan.

2. That the borrower understands that the credit life coverage may be deferred if, at the time of application, the borrower is unable to engage in employment or unable to perform normal activities of a person of like age and sex, if the proposed credit life insurance policy contains this restriction.

3. That the borrower understands that the benefits under the policy will terminate when the borrower reaches a certain age and that the borrower’s age is accurately represented on the application or policy.

This paragraph does not apply to credit life insurance relating to open-end or revolving credit arrangements. In lieu of the required written acknowledgments set forth in this paragraph and s. 626.9551(2)(a), if the sale of credit life insurance is solicited or consummated telephonically, the creditor agent or agent shall provide written disclosures of such options to the borrower within 30 days from the date the coverage takes effect. The borrower must be notified that he or she has 30 days from the date the disclosures are received to rescind the credit life insurance coverage.

(2) Notwithstanding the provisions of this section, credit life insurance in connection with agricultural loans not exceeding 1 year may be written up to the amount of the loan commitment on the nondecreasing or level-term plan.

(3) The total indemnities provided under the terms of credit disability coverage shall not exceed by more than $5 the total of the payments when the indebtedness is repayable in substantially equal installments.

(4) The total amount of credit disability insurance on the life of any debtor with respect to any loan covered in one or more insurance policies shall at no time exceed $50,000.

History.—s. 598, ch. 59-205; s. 1, ch. 71-150; s. 3, ch. 76-168; s. 2, ch. 77-246; s. 1, ch. 77-457; ss. 3, 7, ch. 80-387; s. 429, ch. 81-259; ss. 2, 3, ch. 81-318; ss. 531, 537, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 35, ch. 88-166; s. 2, ch. 89-75; s. 114, ch. 92-318; s. 353, ch. 97-102; s. 2, ch. 2001-111; s. 67, ch. 2003-267; s. 5, ch. 2008-75.

Notes of Decisions

Cited in 6 cases, 1978–2014 · leading case: Fabricant v. Roebuck, 202 F.R.D. 310 (S.D. Fla. 2001).

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Fabricant v. Roebuck, 202 F.R.D. 310 (S.D. Fla. 2001). · cites it 3× “For declaratory and injunctive relief sought in Count IV to require Defendants to comply with Fla. Stat. § 627.679 and to comply with §§ 624.”

London v. Wal-Mart Stores, Inc., 340 F.3d 1246 (11th Cir. 2003). “Fla. Stat. Ann. § 627.679 (l)(c)(l) (2002).”

Howard v. Globe Life Ins., 973 F. Supp. 1412 (N.D. Fla. 1996). · cites it 2× “Specifically, the putative class members claim that a defendant sold them credit life insurance in an amount greater than that required to pay off the balance of their loan, thereby violating Section 627.679(l)(a), Florida Statutes (1995).”

Aetna Life Ins. Co. v. Sievert, 361 So. 2d 747 (Fla. 1st DCA 1978). · cites it 2× “See Section 627.679, Florida Statutes (1973).”

State v. Beach Blvd Auto., Inc., 139 So. 3d 380 (Fla. 1st DCA 2014). · cites it 2× “” Section 627.679, Florida Statutes (2011), provides for the amount that may be charged for credit life and credit disability insurance, and section 627.”

Baron v. Best Buy Co., Inc., 75 F. Supp. 2d 1368 (S.D. Fla. 1999). · cites it 2× “§ 1605 of the Truth in Lending Act (“TILA”) and Fla. Stat. § 627.679 . Baron asserts that the TILA violations rendered the premiums billed an unlawful, excess finance charge, while the Florida law violations rendered the insurance contracts void for illegality.”

— 627.679(l)(a) — 1 case

Howard v. Globe Life Ins., 973 F. Supp. 1412 (N.D. Fla. 1996). “Specifically, the putative class members claim that a defendant sold them credit life insurance in an amount greater than that required to pay off the balance of their loan, thereby violating Section 627.679(l)(a), Florida Statutes (1995).”

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