Sec. 1. 9-A MRSA §4-103, sub-§2, as enacted by PL 1973, c. 762, §1, is amended to read:

2. "Credit Insurance Act" means the Revised Statutes, Title 24-A, chapter 37.

Sec. 2. 24-A MRSA §707, sub-§1, śN-1 is enacted to read:

N-1.__Involuntary unemployment.__Insurance against the loss of income due to a permanent or temporary job loss or job change.__Involuntary unemployment insurance may include labor dispute coverage.__Governmental benefit programs are not considered involuntary unemployment insurance for purposes of this Title; and

Sec. 3. 24-A MRSA c. 37 is amended by repealing the chapter headnote and enacting the following in its place:

CHAPTER 37

CONSUMER CREDIT INSURANCE

Sec. 4. 24-A MRSA §2851, as repealed and replaced by PL 1999, c. 256, Pt. H, §1, is amended to read:

§2851. Scope of provisions

All life insurance and all health insurance in connection with loans or other credit transactions are subject to this chapter, except:

1. Long-term loan. Insurance in connection with a loan or other credit transaction of more than 15 years' duration;

2. Isolated transactions. Insurance issued in an isolated transaction on the part of the insurer not related to an agreement or a plan for insuring debtors of the creditor; or

3. Real estate loan. Insurance in connection with real estate loans when the charge, if any, to the debtor is periodic and not financed. a credit transaction when the charge, if any, to the debtor for this insurance is periodic and not financed and is:

A.__Secured by a first mortgage or deed of trust; and