Maine Revised Statutes

§2854. Forms available

Consumer credit insurance may be issued only in the following forms: [2001, c. 138, §8 (AMD).]

1. Individual life.  Individual policies of life insurance issued to debtors on the term plan;
[ 1969, c. 132, §1 (NEW) .]
2. Individual accident and health.  Individual policies of health insurance issued to debtors on a term plan, or disability benefit provisions in individual policies of credit life insurance;
[ 1969, c. 132, §1 (NEW) .]
3. Group life.  Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;
[ 1969, c. 132, §1 (NEW) .]
4. Group accident and health.  Group policies of health insurance issued to creditors on a term plan insuring debtors, or disability benefit provisions in group credit life insurance policies to provide such coverage;
[ 1969, c. 132, §1 (NEW) .]
4-A. Individual credit property insurance.  Individual policies of property insurance on property that is purchased on credit or pledged as collateral on a loan when the insurance is purchased by or issued to the debtor in connection with that loan or credit transaction;
[ 2001, c. 138, §8 (NEW) .]
4-B. Group credit property insurance.  Group policies of property insurance on property that is purchased on credit or pledged as collateral on a loan when the insurance is purchased by or issued to the debtor in connection with that loan or credit transaction;
[ 2001, c. 138, §8 (NEW) .]
4-C. Individual credit involuntary unemployment insurance.  Individual involuntary unemployment policies insuring a debtor pursuant to or in connection with a specific loan or other credit transaction but not including disability insurance policies;
[ 2001, c. 138, §8 (NEW) .]
4-D. Group credit involuntary unemployment insurance.  Group involuntary unemployment policies insuring a debtor pursuant to or in connection with a specific loan or other credit transaction but not including disability insurance policies; or
[ 2001, c. 138, §8 (NEW) .]
5. Combination.  A combination under subsections 1 and 2, or under 3 and 4.
[ 1969, c. 132, §1 (NEW) .]

The superintendent may by rules adopted pursuant to section 2865 or chapter 40-A designate other permissible types of consumer credit insurance. [2001, c. 138, §8 (NEW).]

SECTION HISTORY
1969, c. 132, §1 (NEW). 2001, c. 138, §8 (AMD).