Louisiana Revised Statutes 9:3544 – Existing insurance
Terms Used In Louisiana Revised Statutes 9:3544
- Consumer: means a natural person who purchases goods, services, or movable or immovable property or rights therein, for a personal, family, or household purpose and includes a purchaser or buyer in a consumer credit sale or transaction made with the use of a seller credit card or otherwise, or a borrower or debtor in a consumer loan, revolving loan account, or a lender credit card. See Louisiana Revised Statutes 9:3516
- Consumer credit insurance: means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include
(a) insurance issued as an isolated transaction on the part of the insurer not related to an agreement or plan for insuring debtors of the creditor; or
(b) insurance indemnifying the creditor against loss due to the debtor's default. See Louisiana Revised Statutes 9:3516
- Contract: A legal written agreement that becomes binding when signed.
When consumer credit insurance is required in connection with such a contract or agreement made under this chapter, the extender of credit shall furnish the consumer a statement which shall clearly and conspicuously state that consumer credit insurance is required in connection with the contract, and that the consumer shall have the option of furnishing the required insurance either through existing policies of insurance coverages through any insurance company authorized to transact business in Louisiana.
Added by Acts 1972, No. 454, §1, eff. Jan. 1, 1973.