Termination, cancellation conditions

5. a. Collateral protection insurance shall terminate on the earliest of the following dates: (1) the date other acceptable insurance coverage becomes effective, subject to the debtor providing evidence of the other insurance to the creditor, without regard to when such evidence is received by the creditor; (2) the date the collateral is subject to the completion of foreclosure, including sale, or repossession or similar event, including sale, unless the property is returned to the debtor within 10 days; (3) the date that there is no further balance due from the debtor to the creditor; (4) the date specified in the collateral protection insurance policy; or (5) the date the collateral is determined by the insurer to be a total loss. b. If the collateral protection insurance is canceled and there is any unearned premium paid by the debtor which is refunded to the creditor, the creditor shall pay or credit the debtor with the amount of the refund pursuant to paragraph (10) of subsection c. of section 3 of P.L.1999, c.44 (C.17:16V-3). All statements of the loan balance and activity provided by the creditor to the debtor shall include all amounts debited or credited to the obligation due to the purchase and cancellation of collateral protection insurance.