Maine Revised Statutes

§4-103. Definition: "consumer credit insurance," "Credit Insurance Act"

In this Act: [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; [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 [1973, c. 762, §1 (NEW).]
C. Insurance indemnifying the creditor against loss due to the consumer's default. [1973, c. 762, §1 (NEW).]
[ 1975, c. 288, §1 (AMD) .]
2.    "Credit Insurance Act" means Title 24-A, chapter 37.
[ 2001, c. 138, §1 (AMD) .]
SECTION HISTORY
1973, c. 762, §1 (NEW). 1975, c. 288, §1 (AMD). 2001, c. 138, §1 (AMD).