Section  1.  That § 58-19-2 be amended to read as follows:

     58-19-2.   For the purpose of Terms used in this chapter mean :

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

             (2)      "Credit life insurance , " means insurance on the life of a debtor pursuant to or in connection with a specific loan , lease, or other credit transaction;

             (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 any such 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;

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

     Section  2.  That chapter 58-19 be amended by adding thereto a NEW SECTION to read as follows:

     No lessor may require a lessee to purchase credit insurance as a term or condition of the lease.

     Signed February 20, 1998.