§ 1640. Statement of account; receipts
(a) At any time after the execution of a premium finance agreement, but not later than 1 year after the last payment, the premium finance company holding the premium finance agreement shall, upon written request of the insured, give or mail to him a written statement of the dates and amounts of payments and the […]
§ 1641. Extensions or deferrals
A premium finance company may, upon agreement with the insured, extend the scheduled due date or defer the scheduled payment of all or any part of any installment or installments payable thereunder. The agreement for such extension or deferment must be in writing and signed by the parties. The premium finance company may charge and […]
§ 1642. Cancellation of insurance contract upon default
When a premium finance agreement contains a power of attorney or other authority enabling the premium finance company to cancel any insurance contract listed in the agreement, the insurance contract shall not be cancelled unless cancellation is in accordance with the following provisions: (1) Not less than 15 days written notice shall be mailed to […]
§ 1643. Fees
The Commissioner shall collect in advance the following fees: (1) Annual license (A) Issuance $250.00 (B) Renewal 200.00 (2) Investigation of Applicant 100.00 (3) Filing of Annual Report 25.00 (4) Filing of Forms 25.00
§ 1630. Licensee’s books and records; reports
(a) The licensee shall keep and use in his business such books, accounts, and records as will enable the Commissioner to determine whether the licensee is complying with the provisions of this chapter and with the regulations pertaining thereto. Every licensee shall preserve books, accounts, and records, including cards used in a card system, if […]
§ 1631. Rebates and inducements prohibited
No premium finance company, officer, director, or employee shall offer to pay or allow in any manner to any person, either as inducement to the financing of any insurance policy with the premium finance company or after any such policy has been financed, any rebate, or shall give or offer to give any valuable consideration […]
§ 1632. Filing and approval of forms; service charges
(a) No premium finance agreement form or related form shall be used in the territory by a premium finance company unless it has been filed with and approved by the Commissioner. Every filing shall be made within 30 days of issuance or use. (b) Each premium finance company shall file with the Commissioner the service […]
§ 1633. Form and content of premium finance agreement
(a) A premium finance agreement shall be in writing, dated, and signed by or on behalf of the insured and the printed portion shall be in at least 8-point type. (b) The premium finance agreement shall contain the entire agreement of the parties with respect to the insurance contract, the premiums for which are advanced […]
§ 1634. Limitation on service and other charges
(a) A premium finance company shall not charge, contract for, receive, or collect a service charge other than as permitted by this chapter. (b) A premium finance company may, in a premium finance agreement, contract for, charge, receive, and collect a service charge for financing the premiums under the agreement computed as provided in subsection […]
§ 1635. Prohibited premium financing
No premium finance company shall, in a premium finance agreement, provide for the cost of: (1) A membership in an automobile club. The term “automobile club” means a legal entity which, in consideration of dues, assessments, or periodic payments of money, promises its members or subscribers to assist them in matters relating to the ownership, […]