Dates on which insurance effective or terminated.

(1) Creditor-placed insurance shall become effective on the latest of the following dates: (a) The date of the credit transaction. (b) The date prior coverage, including prior creditor-placed insurance coverage, lapsed. (c) One year before the date on which the related insurance charge is made to the debtor's account. (d) A later date provided for in the agreement between the creditor and insurer. (2) Creditor-placed insurance shall terminate on the earliest of the following dates: (a) The date other acceptable insurance becomes effective, subject to the debtor providing acceptable evidence of the other insurance to the creditor. (b) The date the collateralized personal property is repossessed, unless the property is returned to the debtor within 10 days of the repossession. (c) The date the collateralized personal property is determined by the insurer to be a total loss. (d) The date the debt is completely extinguished. (e) An earlier date specified in the individual policy or certificate of insurance. (3) An insurance charge shall not be made to a debtor for a term longer than the scheduled term of the creditor-placed insurance when it becomes effective, and an insurance charge shall not be made to the debtor for creditor-placed insurance before the effective date of the insurance. (4) If a charge is made to a debtor for creditor-placed insurance coverage that exceeds a term of 1 year, the debtor shall be notified at least annually that the insurance will be canceled and a refund or credit of unearned charges made if evidence of acceptable insurance secured by the debtor is provided.