When credit life insurance or credit health insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by the debtor or of procuring and furnishing the required coverage through any insurer authorized to transact such insurance within this State.
Me. Rev. Stat. tit. 24-A, § 2863
Existing insurance; choice of insurer
Known as the Consumer Credit Insurance Act
The act spans §§ 2851–2865 (17 sections).
PL 1969, c. 132, §1 (NEW)
Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.