Sec. 186.2. Definitions

(a) Credit property insurance means insurance against loss of or damage to personal property, covering a creditor's security interest in such property, when such insurance is written as part of a credit transaction, but only insofar as it applies to property sold to individual consumers for personal use, or pledged by them, and not used in any business, trade or profession of the purchaser.

(b) Creditor means the lender of money or vendor of goods, property, rights or privileges, for which the payment of the indebtedness arising therefrom is arranged through a credit transaction, any successor to the right, title or interest of any such lender or vendor, and any affiliate, associate or subsidiary of any of them, any director, officer or employee of any of them, or any other person in any way associated with any of them.

(c) Debtor means a borrower of money, a guarantor of such borrower, or a purchaser of goods, property, rights or privileges for which payment is arranged through a credit transaction.

(d) Identifiable charge means the amount a creditor charges a debtor or collects from him for insurance, other than credit life and credit accident and health insurance, in addition to any other stated charges, including interest or discount, permitted by the Banking and Personal Property Laws of this State.