North Dakota Code 26.1-37-01 – Scope
1. This chapter may be cited as the “Consumer Credit Insurance Model Act”.
Terms Used In North Dakota Code 26.1-37-01
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37
2. All consumer credit insurance issued or sold in connection with loans or other credit transactions for personal, family, or household purposes is subject to the provisions of this chapter, except:
a. Insurance written in connection with a credit transaction that is: (1) Secured by a first mortgage or deed of trust; or
(2) Made to finance the purchase of real property or the construction of a dwelling thereon, or to refinance a prior credit transaction made for such a purpose; b. Transactions involving extensions of credit primarily for business or commercial purposes; c. Private passenger motor vehicle insurance or mobile homeowner’s insurance; d. Creditor-placed insurance; e. Insurance sold as an isolated transaction on the part of the insurer and not related to an agreement or a plan for insuring debtors of the creditor; f. Insurance for which no identifiable charge is made to the debtor; and
g. Insurance on accounts receivable.