62B.02 DEFINITIONS.

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Subdivision 1.Scope.

For the purpose of sections 62B.01 to 62B.14 the following terms have the meanings given to them in this section. §

Subd. 2.Credit life insurance.

“Credit life insurance” means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction. §

Subd. 3.Credit accident and health insurance.

“Credit accident and health insurance” means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy. §

Subd. 3a.Credit involuntary unemployment insurance.

“Credit involuntary unemployment insurance” means insurance on a debtor in connection with a specified loan or other credit transaction to provide payment to a creditor in the event of involuntary unemployment of the debtor for the installment payments or other periodic payments becoming due while the debtor is involuntarily unemployed. §

Subd. 4.Creditor.

“Creditor” means the lender of money or vendor or lessor of goods, services, or property, rights or privileges, for which payment is arranged through a credit transaction, or successor to the right, title or interest of a lender, vendor, or lessor, and an affiliate, associate or subsidiary of them, director, officer or employee of them or any other person in any way associated with them. §

Subd. 5.Debtor.

“Debtor” means a borrower of money or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction. §

Subd. 6.Indebtedness.

“Indebtedness” means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction. §

Subd. 7.Commissioner.

“Commissioner” means the commissioner of commerce.

History:

Ex1967 c 2 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1993 c 343 s 9

History: History: Ex1967 c 2 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1993 c 343 s 9