§4-103. Definition: "consumer credit insurance," "Credit Insurance Act"
In this Act:
[PL 1973, c. 762, §1 (NEW).]
1.
"Consumer credit insurance" means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include:
A.
Insurance provided in relation to a credit transaction in which a payment is scheduled more than 15 years after the extension of credit;
[PL 1975, c. 288, §1 (AMD).]
B.
Insurance issued as an isolated transaction on the part of the insurer not related to an agreement or plan for insuring consumers of the creditor; or
[PL 1973, c. 762, §1 (NEW).]
C.
Insurance indemnifying the creditor against loss due to the consumer's default.
[PL 1973, c. 762, §1 (NEW).]
[PL 1975, c. 288, §1 (AMD).]
2.
"Credit Insurance Act" means Title 24‑A, chapter 37.
[PL 2001, c. 138, §1 (AMD).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1975, c. 288, §1 (AMD). PL 2001, c. 138, §1 (AMD).