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(a) An “insurance premium finance company” is:
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(1) A person engaged, in whole or in part, in the business of acquiring premium finance agreements with insureds; or
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(2) A person engaged, in whole or in part, in the business of acquiring premium finance agreements from other premium finance companies.
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(b) Credit unions, banks, savings and loan associations, and other lending institutions or their federally chartered counterparts are exempt from the provisions of this chapter.
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(c) The inclusion of a charge for insurance on a bona fide sale of goods or services on installments is not subject to the provisions of this chapter.