New Hampshire Revised Statutes 408-A:2 – Scope and Definitions
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I. This chapter may be cited as “The Model Act for the Regulation of Credit Life Insurance and Credit Accident and Health Insurance.”
II. All life insurance and all accident and health insurance sold in connection with loans or other credit transactions shall be subject to the provisions of this chapter except such insurance sold in connection with:
(a) A loan or other credit transaction of more than 15 years’ duration; or
(b) A first real estate mortgage; or
(c) A loan secured by a filing under the Uniform Commercial Code pursuant to N.H. Rev. Stat. § 477:44, IV.
III. For the purpose of this chapter:
(a) “Credit life insurance” means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction;
(b) “Credit accident and health 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;
(c) “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 any such lender, vendor, or lessor, and an affiliate, associate or subsidiary of any of them or any director, officer, or employee of any of them or any other person in any way associated with any of them;
(d) “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;
(e) “Indebtedness” means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction, except, with respect to credit life insurance issued in connection with a loan or other credit transaction with terms greater than 75 months, “indebtedness” shall mean only the amount necessary to liquidate the remaining debt of a debtor in a single lump sum payment, excluding any unearned interest, unearned finance charges, late charges, or past due amounts more than 2 months delinquent. This exception shall not apply to leases;
(f) “Commissioner” means the insurance commissioner of the state of New Hampshire;
(g) “Credit unemployment 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 unemployed or on leave as defined in the policy.
II. All life insurance and all accident and health insurance sold in connection with loans or other credit transactions shall be subject to the provisions of this chapter except such insurance sold in connection with:
Terms Used In New Hampshire Revised Statutes 408-A:2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- real estate: shall include lands, tenements, and hereditaments, and all rights thereto and interests therein. See New Hampshire Revised Statutes 21:21
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(a) A loan or other credit transaction of more than 15 years’ duration; or
(b) A first real estate mortgage; or
(c) A loan secured by a filing under the Uniform Commercial Code pursuant to N.H. Rev. Stat. § 477:44, IV.
III. For the purpose of this chapter:
(a) “Credit life insurance” means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction;
(b) “Credit accident and health 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;
(c) “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 any such lender, vendor, or lessor, and an affiliate, associate or subsidiary of any of them or any director, officer, or employee of any of them or any other person in any way associated with any of them;
(d) “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;
(e) “Indebtedness” means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction, except, with respect to credit life insurance issued in connection with a loan or other credit transaction with terms greater than 75 months, “indebtedness” shall mean only the amount necessary to liquidate the remaining debt of a debtor in a single lump sum payment, excluding any unearned interest, unearned finance charges, late charges, or past due amounts more than 2 months delinquent. This exception shall not apply to leases;
(f) “Commissioner” means the insurance commissioner of the state of New Hampshire;
(g) “Credit unemployment 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 unemployed or on leave as defined in the policy.