Sec. 185.2. Existing insurance, choice of insurer

When life insurance or accident and health insurance is required by a creditor, the debtor shall have the option, upon notice to the creditor, of furnishing existing policies of insurance, or procuring and furnishing new policies of insurance, owned or controlled by the debtor and issued by any insurer authorized to transact an insurance business in this State for an amount not less than the indebtedness and for a term not less than the term of the loan. Any such policy furnished by the debtor shall not be subject to this Part, unless procured through or administered by the creditor or an agent or broker designated by or associated with the creditor. Insurers writing credit life insurance and credit accident and health insurance shall be responsible for establishment of procedures by which debtors are furnished a prominent written notice informing them of said option.