§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).
Maine Legal Code