consumer credit insurance means insurance provided by a class of contracts of insurance: (a) that is declared by the regulations to be a class of contracts to which Division 1 of Part V of this Act applies; and (b) that is identified by those regulations as consumer credit insurance. For contracts equal to or less than $2,500, contractors are required to pay the federal minimum wage as provided in Section 6(a)(1) of the Fair Labor Standards Act. For prime contracts in excess of $100,000, contractors and subcontractors must also, under the provisions of the Contract Work Hours and Safety Standards Act, as amended, pay laborers and mechanics, including guards and watchmen, at least one and one-half times their regular rate of pay for all hours worked over 40 in a workweek.