If a creditor contracts for or receives a separate charge for insurance against loss of or damage to property, the risk of loss or damage not willfully caused by the consumer is on the consumer only to the extent of any deficiency in the effective coverage of the insurance, even though the insurance covers only the interest of the creditor.
Me. Rev. Stat. tit. 9-A, § 4-302
Insurance on creditor's interest only
Known as the Maine Consumer Credit Code
The act spans §§ 1–11 (208 sections).
PL 1973, c. 762, §1 (NEW).
Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.