Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 112 - POLICIES COVERING PERSONAL PROPERTY PLEDGED AS COLLATERAL › Section 112.2 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this chapter,
				  have the following meanings, unless the context clearly indicates otherwise:
Cash proceeds
-The actual amount of cash
				  received by a debtor after deducting from the cash advance the premium for
				  credit life insurance, credit accident and health insurance and for insurance
				  on personal property pledged by debtors as collateral to secure a loan or
				  personal property purchased by a credit transaction.
Commissioner
-The Insurance Commissioner.
Credit transactions, transactions involving a debtor
				  pledging personal property as collateral
-Installment or deferred
				  payment plans; revolving credit plans; bailment lease; security interests
				  created by contract including pledge; assignment, chattel mortgage, chattel
				  trust, trust deed, factor's lien equipment trust, conditional sale, trust
				  receipt, other lien or title retention contracts and lien or consignment
				  intended as security or other similar secured or credit transaction plans or
				  leased property; or household goods insured by an installment floater.
Creditor
-The lender of money or vendor or
				  lessor of goods, services, property rights or privileges for which payment of
				  the indebtedness is arranged through a credit transaction or a transaction
				  involving a debtor pledging personal property as collateral or a successor to
				  the right, title or interest of the lender, vendor or lessor and an affiliate,
				  associate or subsidiary of any of them or a director, officer or employe of any
				  of them or another person in any way associated with any of them.
Debtor
-A borrower of money or guarantor of the borrower, or a
				  purchaser of goods, services, property rights or privileges for which payment
				  is arranged through a credit transaction or a transaction involving a debtor
				  pledging personal property as collateral.
Identifiable charge
-The amount a creditor
				  charges a debtor or collects from him for policies of insurance other than
				  credit life and credit accident and health insurance.
Personal property pledged by a debtor as
				  collateral
and
personal property purchased under a credit
				  transaction
-Only the personal property of the debtor used for his
				  personal use and not used in a business, trade or profession of the debtor.
				  Further, the personal property may not include mobile homes, recreational
				  vehicles or motor vehicles designed for highway use.
Policies, policies of insurance
-Contracts
				  of credit property insurance insuring against loss of or damage to personal
				  property, covering a creditor's security interest or a debtor's interest in
				  such property when the insurance is written as part of a credit transaction or
				  a transaction involving a debtor pledging personal property as collateral and
				  shall include a master policy, endorsement, rider, cover note, memorandum,
				  certificate or other instrument or evidence of the insurance.