For the purpose of this chapter, unless the context otherwise requires:
(1) "Credit disability 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;
(2) "Credit life insurance" means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction for a period of time not to exceed ten (10) years;
(3) "Creditor" means the lender of money or vendor or lessor of goods, services, property, rights, or privileges for which payment is arranged through a credit transaction, or any successor to the right, title, or interest of the lender, vendor, or lessor;
(4) "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; and
(5) "Indebtedness" means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction.
Section: Previous 23-87-102 23-87-103 23-87-104 23-87-105 23-87-106 23-87-107 23-87-108 23-87-109 23-87-110 23-87-111 23-87-112 23-87-113 23-87-114 23-87-115 NextLast modified: November 15, 2016