Section 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).]
1973, c. 762, § 1 (NEW) . 1975, c. 288, § 1 (AMD) . 2001, c. 138, § 1 (AMD) .