5-4-103. Definitions - "consumer credit insurance" - "Credit Insurance Act".
127 words·~1 min read·
/co/title-5-consumer-credit-code/article-4-insurance/5-4-103·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this code, unless the context otherwise requires:
(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, as to which a finance charge is imposed and provided in relation to a credit transaction in which a payment is scheduled more than ten years after the extension of credit;
(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
(c)Insurance indemnifying the creditor against loss due to the consumer's default.
(2)"Credit Insurance Act" means the "Credit Insurance Act", article 10 of title 10, C.R.S.