§4-103. Definition: "consumer credit insurance," "Credit Insurance Act"
142 words·~1 min read·
/me/title-9-a-maine-consumer-credit-code/4-103·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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).]