Insurance on creditor's interest only

  1. Law
  2. Maine Revised Statutes
  3. MAINE CONSUMER CREDIT CODE
  4. INSURANCE
  5. PROPERTY AND LIABILITY INSURANCE
  6. Insurance on creditor's interest only

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§4-302. Insurance on creditor's interest only

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.   [PL 1973, c. 762, §1 (NEW).]

SECTION HISTORY

PL 1973, c. 762, §1 (NEW).


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