Maine Revised Statutes Title 9-A Sec. 4-204 – Notice of right to cancel credit insurance in open-end transactions
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Terms Used In Maine Revised Statutes Title 9-A Sec. 4-204
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
A creditor who provides consumer credit insurance in relation to open-end credit shall, at least annually, inform the consumer of the voluntary nature of the insurance and of his right to cancel that insurance at will. [PL 1985, c. 336, §7 (NEW).]
SECTION HISTORY
PL 1985, c. 336, §7 (NEW).