Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_142
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 142
Character Range: 953327–954149

142  Interpretation and application
 (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.
 (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.
 (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.