1720                                                LAWS OF MARYLAND                            [Ch. 460

Insurance Code, of the Annotated Code of Maryland (1972
Replacement Volume and 1973 Supplement) be and it is
hereby repealed and re—enacted, with amendments, to read
as follows:

Article 48A — Insurance Code

436C.

(c) (1) "Credit life insurance" means insurance on
the life of a debtor pursuant to or in connection with a
specific loan or other credit transaction.

(2)    "Credit health insurance" means insurance on a
debtor to provide indemnity for payments becoming due on
a specific loan or other credit transaction while the
debtor is disabled as defined in the policy.

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

(4)    "Debtor" means a borrower of money or a
purchaser or lessee of goods, services, property, rights
or privileges for which payment is arranged through a
credit transaction. [The term "debtor" shall include
both husband and wife where they are jointly liable under
the contract of indebtedness.] WHERE A HUSBAND AND WIFE
ABE JOINTLY LIABLE UNDER A CONTRACT OF INDEBTEDNESS, THE
TERM "DEBTOR" SHALL INCLUDE:

(I) HUSBAND[[;]] , OR

(II) WIFE[[;]] , OR

(III)  BOTH HUSBAND AND WIFE , AS EACH MAY BE
SPECIFIED IN THE CERTIFICATE OF INSURANCE.

A CREDITOR MAY NOT REQUIRE THAT BOTH HUSBAND AND WIFE BE
INSURED EXCEPT AT THE ELECTION OF THE DEBTOR WHICH
ELECTION MUST BE EXPRESSLY AUTHORIZED IN WRITING BY THE
DEBTOR.

(5)    "Indebtedness" means the total amount payable
by a debtor to a creditor in connection with a loan or
other credit transaction.