Public-domain · open source

Me. Rev. Stat. tit. 9-A, § 4-103

Definition: "consumer credit insurance," "Credit Insurance Act"

Known as the Maine Consumer Credit Code

The act spans §§ 1-101 to 11-122 (208 sections).

PL 1973, c. 762, §1 (NEW)

In this Act:

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;

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

C. Insurance indemnifying the creditor against loss due to the consumer's default.

2. "Credit Insurance Act" means Title 24‑A, chapter 37.

Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.