Section 27-1-16.1-14 - Charges for self-storage insurance; handling of funds; compensation The following apply to charges for self-storage insurance:
(1) The charges may be billed and collected by the self-storage facility.(2) If the insurance cost is not included in the cost associated with the self-storage rental agreement, the insurance cost must be separately itemized on the insured customer's bill.(3) If the insurance cost is included in the cost associated with the self-storage rental agreement, the self-storage facility shall clearly and conspicuously disclose to the insured customer that the self-storage insurance cost is included with the cost of the self-storage rental agreement.(4) A self-storage facility that bills and collects the charges shall maintain collected funds in a segregated account unless the: (A) insurer that issues the self-storage insurance policy authorizes the self-storage facility to hold the funds in an alternative manner; and(B) self-storage facility remits the funds to the supervising entity less than sixty (60) days after the self-storage facility receives the funds.(5) All funds received by the self-storage facility from an insured customer as payment for the purchase of coverage under a self-storage insurance policy are considered to be funds held in trust by the self-storage facility in a fiduciary capacity for the benefit of the insurer.(6) A self-storage facility may receive from an insurer or a supervising entity compensation for billing and collection services. Compensation described in this subdivision may be dependent on the sale of self-storage insurance.Added by P.L. 81-2013, SEC. 3, eff. 7/1/2013.