National Consumer Credit Protection Act 2009
Note:
See section 3 of the National Credit Act.
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.
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