2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 25 - Credit Life and Credit Health Insurance
Section 59A-25-3 - Definitions.
59A-25-3. Definitions.
For the purposes of this article:
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 or 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. "credit transaction" includes loans, purchases and leases in which the debtor or his successor in interest become liable for the payment of the indebtedness in one or more payments to the creditor;
E. "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; and
F. "indebtedness" means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction.
History: Laws 1984, ch. 127, 474.
