§ 6-1708 – Lien priority and validity
6-1708. Lien priority and validity The full amount secured by a reverse mortgage security interest has the same priority over any other lien on the property as if the full amount had been disbursed on the date of the loan closing regardless of the actual date of any disbursement. The amount secured by the security […]
§ 6-1413 – Other charges allowed
6-1413. Other charges allowed A. A licensee may contract for, and if so contracted for, may collect a service charge for financing or arranging the financing of premiums under the agreement in an amount not to exceed ten dollars for each premium finance agreement. The service charge need not be refunded on cancellation, prepayment or […]
§ 6-1707 – Enforcement
6-1707. Enforcement A. An act or practice in violation of this chapter is an unlawful practice under section 44-1522 and is subject to enforcement through private action and prosecution by the attorney general. B. Any provision of a reverse mortgage agreement that violates this chapter is unenforceable against the borrower. C. A private action against […]
§ 6-1414 – Splitting of premium finance agreement prohibited
6-1414. Splitting of premium finance agreement prohibited No agent or broker or premium finance company shall induce an insured to become obligated under more than one premium finance agreement for the purpose of obtaining a higher rate of interest than would otherwise be permitted by this chapter or obtaining more than one service charge.
§ 6-1415 – Cancellation of insurance contract upon default
6-1415. Cancellation of insurance contract upon default A. If a premium finance agreement contains a power of attorney enabling the licensee to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be cancelled by the licensee unless the cancellation is in accordance with this section. B. The […]
§ 6-1416 – Return premiums
6-1416. Return premiums A. Except as provided in subsection B, if a financed insurance policy is cancelled by any party, the insurer shall return the gross unearned premiums due under the policy directly to the premium finance company for the account of the insured as soon as reasonably possible, but not more than twenty days […]
§ 6-1417 – Servicing of premium finance agreements
6-1417. Servicing of premium finance agreements A. A licensee may receive and disburse monies in the servicing of premium finance agreements. All monies received in the process of servicing these agreements shall be kept separate, distinct and apart from funds belonging to the licensee and shall be deposited with a financial institution located in this […]
§ 6-1418 – Exemption from any filing requirements
6-1418. Exemption from any filing requirements No filing is necessary to perfect the validity of the premium finance agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrancers, trustees in bankruptcy or their successors or assigns or any other insolvency proceeding under any law.
§ 6-1419 – Rules
6-1419. Rules The deputy director may adopt rules necessary for the proper conduct of a premium finance company.
§ 6-1501 – Method of taxing national banking associations
6-1501. Method of taxing national banking associations A. Each national banking association: 1. Shall be taxed on its net income under title 43. 2. Is subject to all other taxes that are authorized by 12 United States Code section 548 and that are levied or imposed by this state or any political subdivision of this […]