Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-093 - CREDIT PROPERTY AND INVOLUNTARY UNEMPLOYMENT INSURANCE
Section 482-1-093-.03 - Definitions
Current through Register Vol. 42, No. 11, August 30, 2024
As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise:
(a) LOAN. The extension of credit for household, personal or family use.
(b) DEALER. Any person who makes loans for household, personal or family use or any successor to a creditor's rights.
(c) Lender. Any person engaged in the business of making consumer credit loans under the provisions of the Alabama Consumer Credit Act (Mini Code), Code of Ala. 1975, and any assignee of a consumer credit loan agreement, state banking associations, savings and loan associations, national banking associations to the extent that federal laws do not preempt this chapter, credit unions and any director, officer, employee or agent of such a person.
(d) Credit property insurance. Coverage upon personal property, other than an automobile, pledged as collateral or security upon a loan as defined and shall include the standard fire policy with coverage attachment, extended coverage endorsement, and burglary coverage, and may include theft coverage provided on either a single or dual interest basis with rates set forth in Rule 482-1-093-.10. Additional coverages other than those described above may be included but no additional premium may be charged.
(e) Involuntary unemployment insurance. Insurance on a debtor to provide indemnity for payments of debt becoming due on a specific loan or other credit transaction while the debtor is involuntarily unemployed as defined in the policy.
Author: Vincent R. Ledlow, Associate Counsel
Statutory Authority: Code of Ala. 1975, § 27-2-17.
