National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

PART 8 - RELATED INSURANCE CONTRACTS  

142   Interpretation and application  

142(1)    
For the purposes of this Code, a credit-related insurance contract is a contract for insurance of any of the following kinds in connection with a credit contract:

(a) insurance over mortgaged property;

(b) consumer credit insurance;

(c) insurance of a nature prescribed for the purposes of this section by the regulations.

142(2)    
This Code does not apply to insurance over mortgaged property that:

(a) is insurance for an extended period of warranty for goods; or

(b) is insurance over property that is not mortgaged to secure obligations under the credit contract.

142(3)    
This Code does not apply to consumer credit insurance in connection with a credit contract unless the contract for consumer credit insurance insures the obligations of the debtor under the credit contract.