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Searching 2023-2024 Session

The Vermont Statutes Online

The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.

NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.

Title 8 : Banking and Insurance

Chapter 109 : Credit Life Insurance and Credit Accident and Health Insurance

(Cite as: 8 V.S.A. § 4103)
  • § 4103. Definitions

    As used in this chapter:

    (1) “Credit life insurance” means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction.

    (2) “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.

    (3) “Creditor” means the lender of money or vendor or lessor of goods, services, property, right, 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.

    (4) “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.

    “Indebtedness” means the total amount payable by a debtor to a creditor in connection with a loan or other transaction.

    (5) “Commissioner” means the Commissioner of Financial Regulation. (Added 1959, No. 221, § 2(B); amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)