N.Y. Comp. Codes R. & Regs. tit. 11 § 187.1

Current through Register Vol. 46, No. 50, December 11, 2024

Section 187.1 - Definitions

For the purpose of this regulation:

(a) Credit unemployment insurance means insurance on a debtor in connection with a specified loan or other credit transaction within the State to provide payment to a creditor in the event of involuntary unemployment of the debtor for the installment payments or other periodic payments becoming due while the debtor is involuntarily unemployed.

(b) Employment shall mean any service under any contract of employment for hire, express or implied, written or oral, and shall include service as a commissioned salesperson. For the purposes of this Part, such term shall include service outside of this State, including locations in a foreign country. For the purposes of this Part, such term shall include agricultural labor, railroad service and maritime service. For the purposes of this Part, any exclusion set forth in section 511 of the Labor Law shall be an exclusion from such term.

(c) Unemployment shall mean the total lack of any employment for a period of seven calendar days. Such term shall not include the period of seven consecutive weeks beginning with the day after employment ceases as a result of a strike, lockout or other industrial controversy. Such term shall not include voluntary separation from employment, termination from employment for misconduct, or termination from employment for commission of criminal acts. For the purposes of this Part, the interpretations placed upon the terms industrial controversy, voluntary separation, and misconduct within the context of section 593 of the Labor Law shall be utilized.

(d) Creditor means a lender, lessor or vendor to whom payment of an underlying indebtedness is arranged through a credit transaction, or any successor to the right, title or interest of any such lender, vendor, or lessor; an affiliate, associate or subsidiary of any of the foregoing or any director, officer or employee of any of them, or any other person in any way associated with any of them, and a trustee, trustees, or agent designated by two or more creditors as provided in section 187.5(i) of this Part; creditor includes an intended creditor pursuant to a "program".

(e) Debtor means a borrower of money (or guarantor of such borrower), lessee, vendee or purchaser, any of whom is party to a credit transaction; debtor includes an intended borrower pursuant to a "program".

(f) Program means a program for defraying the cost of attendance of a student at a college or university or at an elementary or secondary school providing education required for minors, which program includes provision for immediate periodic payments by the parent or guardian of such student and a loan commitment to such parent or guardian by a financial institution, or by or on behalf of a college or university or such elementary or secondary school to defray the cost of attendance at such college or university or elementary or secondary school in excess of the accumulated periodic payments by the parent or guardian.

(g) Indebtedness means the amount payable by a debtor to a creditor in connection with a loan or other credit transaction, including rentals payable under the lease of real or personal property.

(h) Identifiable charge means the amount a creditor charges a debtor or collects from the debtor specifically for credit unemployment insurance in addition to any other stated charges, including interest or discount, permitted by the New York State Banking, Uniform Commercial Code, General Obligations and Personal Property laws. Additionally, it will be considered that the debtor is charged a specific amount for the insurance, if there is a differential in finance, interest, service or other similar charge made to debtors who are in like circumstances, except for their insured or noninsured status.

(i) Package means credit unemployment insurance offered in conjunction with any combination of the kinds of insurance authorized in paragraph (3), (7) or (20) of subdivision (a) of section 1113 of the Insurance Law in such manner that the debtor may only elect either the entire combination or no coverage.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 187.1