§ 6-1409 – Effect of revocation, suspension or surrender on preexisting contracts; impairment of contracts
6-1409. Effect of revocation, suspension or surrender on preexisting contracts; impairment of contracts A. A revocation, suspension or surrender of any license does not impair or affect the obligation of any preexisting premium finance agreement between any licensee and insured. B. If any provision of this article is amended or repealed in a manner that […]
§ 6-1401 – Definitions
6-1401. Definitions In this chapter, unless the context otherwise requires: 1. " Branch office" means any place of business maintained by a licensee in addition to the principal place of business of a licensee. 2. " Insured" means any person covered under an insurance contract or other evidence of insurance coverage subject to regulation under […]
§ 6-1402 – Licensure required; contents of application; fees; nontransferable; branch office permit
6-1402. Licensure required; contents of application; fees; nontransferable; branch office permit A. A person shall not engage in the business of a premium finance company in this state without first being licensed as a premium finance company by the deputy director. A person who is not exempt under section 6-1403 and who advertises for, solicits […]
§ 6-1403 – Exemptions
6-1403. Exemptions A. The licensing requirements of this article do not apply to: 1. Any savings and loan association, bank, savings bank, trust company, consumer lender or credit union authorized to do business in this state. 2. Any agent or broker who is licensed by the department and who allows an insured to pay premiums […]
§ 6-1404 – Denial, suspension or revocation of licenses and branch office permits
6-1404. Denial, suspension or revocation of licenses and branch office permits A. The deputy director may deny a license to a person or suspend or revoke a license if the deputy director finds that an applicant or licensee: 1. Is insolvent as defined in section 47-1201. 2. Refuses to allow an examination by the deputy […]
§ 6-1405 – Issuance of license or branch office permit; license year; requirements
6-1405. Issuance of license or branch office permit; license year; requirements A. If no grounds for denial of a license or branch office permit are found to exist, the deputy director shall, within one hundred twenty days of receiving a complete application, grant the application and issue a license or branch office permit to the […]
§ 6-1406 – Books and records of premium finance company; access to records
6-1406. Books and records of premium finance company; access to records A. A licensee shall maintain books, accounts and records as prescribed by the deputy director that will enable the deputy director to determine whether the licensee is complying with this article. B. A licensee shall preserve its books, accounts and records of premium finance […]
§ 6-1407 – Removal of place of business
6-1407. Removal of place of business A licensee may change the licensed place of business by giving written notice to the deputy director, who shall amend the license accordingly.
§ 6-1408 – Annual report of licensee; civil penalty for failure to file
6-1408. Annual report of licensee; civil penalty for failure to file A. On or before February 1, the licensee shall annually file a report under oath and in the form prescribed by the deputy director concerning the business and operations during the preceding calendar year. On good cause shown by a licensee, the deputy director […]