§ 38.2-122.2 Credit property insurance
“Credit property insurance” means insurance against direct physical damage to personal household property used as security for a loan or other credit transaction. Such insurance may insure the creditor as sole beneficiary or may insure both the creditor and the debtor with the creditor as primary beneficiary and the debtor as beneficiary of proceeds not paid to the creditor. For purposes of this definition, “personal household property” does not include motor vehicles, mobile homes, or watercraft. The term “credit property insurance” shall not mean any insurance defined in § 38.2-122.
History
This law was first created in 2000. The record of its establishment is cataloged in chapter 526 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2000, c. 526.