Section 61.20.2. Definitions.

“Consumer credit transaction” is as defined in Iowa Code section 537.1301(11).

“Credit property insurance” means protection or indemnity against creditor risk of loss in connection with a specific consumer credit transaction secured by collateral. The definition of “credit property insurance” is limited to property insurance insuring personal property used as collateral or security in a consumer credit transaction. Subject to the requirements in the federal Truth-in-Lending Act, 16 CFR Section 444 (1991), and the Iowa consumer credit code, credit property insurance is a permissible additional charge in a consumer credit transaction.

“Disclosure form” means the document which discloses the total cost of the noncredit insurance, contains the notice to consumers required in subrule 20.6(2), paragraph “a,” and includes the signature space for the borrower to purchase noncredit property insurance.

“Noncredit property insurance” means insurance protecting a borrower against risk or loss regarding personal property that is not used as collateral or security in any consumer credit transaction. For purposes of this chapter, noncredit property insurance includes insurance which is not credit property insurance sold on automobiles covering physical damage or theft of the car, but excluding insurance covering personal liability for use of the car. Noncredit property insurance may be sold to borrowers only as authorized under this chapter.

“Other credit products” means consumer credit services offered by a creditor including, but not limited to, consumer loans, consumer leases and consumer credit sales.