Arizona Laws 20-1614. Debtor’s option in satisfying security
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When consumer credit insurance is required as a condition to a loan or credit transaction or as security for a debt, if so permitted by law, the debtor, upon request to the creditor, shall have the option of satisfying the requirements by furnishing existing policies of insurance in sufficient amount owned or controlled by the debtor or by procuring the necessary coverage from any insurer authorized by the director.
Terms Used In Arizona Laws 20-1614
- Consumer credit insurance: means any one or a combination of the following:
(a) Credit life insurance. See Arizona Laws 20-1603
- Creditor: means the lender of money or vendor or lessor of goods, services, property, rights or privileges, including a lessor under a lease intended as a security, where payment is arranged through a credit transaction. See Arizona Laws 20-1603
- Debtor: means a borrower of money or a person possessing a commitment for a loan of certain funds or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction. See Arizona Laws 20-1603
- Loan: means an advance or commitment of certain funds pursuant to a repayment agreement. See Arizona Laws 20-1603