§ 33-22-1. Short Title
This chapter shall be known and may be cited as the “Insurance Premium Finance Company Act.” History. Ga. L. 1969, p. 561, § 1.
§ 33-22-10. Delinquency Charges; Returned Check Fees
A premium finance agreement may provide for the payment by the insured of a delinquency charge ranging in amount from $1.50 to a maximum of 5 percent of the delinquent payment on any payment which is in default for a period of five days or more. If the default results in the cancellation of any […]
§ 33-22-11. Necessity of Filing of Premium Finance Agreement
No filing of the premium finance agreement shall be necessary to perfect the validity of the agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrancers, successors, or assigns. History. Ga. L. 1969, p. 561, § 14.
§ 33-22-12. Notification of Insurer by Finance Company of Existence of Premium Finance Agreement
Any premium finance company which enters into a premium finance agreement under this chapter shall notify the insurer whose premiums are being financed of the existence of the agreement. A draft of the premium finance company made payable directly to the order of the insurer of the premium due such insurer for a policy or […]
§ 33-22-12.1. Notice to Insured by Premium Finance Company; Copy of Premium Finance Agreement; Notice of Existence of Power of Attorney
Whenever a premium finance company executes a premium finance agreement relative to a personal or family-type policy of insurance, it shall deliver to the insured or send by electronic means or mail to the insured at his or her address shown in the agreement a copy of the agreement and a written notice which clearly […]
§ 33-22-13. Procedure for Cancellation of Insurance Contract Upon Default
When a premium finance agreement contains a power of attorney enabling the premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be canceled by the premium finance company unless the cancellation is effectuated in accordance with this Code section. Not less than ten […]
§ 33-22-14. Disposition of Unearned Premiums Upon Cancellation of Insurance Policy
Whenever an insurance policy is canceled and the premiums have been paid by an insurance premium finance company on behalf of the insured, if the insurer has been notified of the existence of the insurance premium finance agreement as required in Code Section 33-22-12, the insurer shall return whatever unearned premiums are due to the […]
§ 33-22-14.1. Transmissions of Electronic Records Subject to Provisions of Uniform Electronic Transactions Act
Any use or transmission of electronic records or electronic signatures for purposes of this chapter shall be subject to the provisions of Chapter 12 of Title 10, the “Uniform Electronic Transactions Act.” History. Code 1981, § 33-22-14.1 , enacted by Ga. L. 2002, p. 1192, § 9; Ga. L. 2009, p. 698, § 2/HB 126.
§ 33-22-15. Promulgation of Rules and Regulations by Commissioner
The Commissioner may make and enforce such reasonable rules and regulations as may be necessary in making effective this chapter, but the rules and regulations shall not be contrary to nor inconsistent with this chapter. History. Ga. L. 1969, p. 561, § 8.
§ 33-22-16. Applicability of Chapter
This chapter shall not apply with respect to: Any insurance company authorized to do business in this state; Any bank, trust company, savings and loan association, credit union, or other lending institution authorized to transact business in this state that does not possess or acquire any right, title, or interest with respect to the insurance […]
§ 33-22-2. Definitions
As used in this chapter, the term: “Insurance premium finance agreement” means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or insurance broker in payment of premiums on […]
§ 33-22-3. Requirement of License for Transaction of Business; Fees; Change of Address; Examination of Applicants
No person shall engage in the business of financing insurance premiums in this state without first having obtained a license as a premium finance company from the Commissioner. The annual license fee shall be as provided in Code Section 33-8-1. Licenses may be renewed from year to year as of March 1 of each year […]
§ 33-22-4. Investigation of Applicants for Licenses; Issuance or Denial of License Generally; Hearing; Grounds for Issuance or Denial
Upon the filing of an application and the payment of the license fee, the Commissioner shall make an investigation of each applicant and shall issue a license if he finds the applicant is qualified in accordance with this chapter. If the Commissioner does not so find, he shall within 30 days after he has received […]
§ 33-22-5. Minimum Capital Requirements; Deposit of Securities or Filing of Bond
No license shall be issued to any applicant for a license or renewal license under this chapter unless the applicant: Shall possess and thereafter maintain a minimum balance of at least $5,000.00 in his capital account as shown in his annual report to the Commissioner; provided, however, the Commissioner shall in his discretion require such […]
§ 33-22-6. Grounds and Procedure for Revocation, Suspension, or Nonrenewal of License or Imposition of Probation or Fine
The Commissioner may revoke or suspend the license of any premium finance company when and if after investigation the Commissioner finds that: Any license issued to the company was obtained by fraud; There was any misrepresentation in the application for the license; The holder of the license has otherwise shown himself untrustworthy or incompetent to […]
§ 33-22-7. Maintenance of Records of Transactions by Licensees; Examination of Records by Commissioner
Every licensee shall maintain records of its premium finance transactions and the said records shall be open to examination and investigation by the Commissioner. Every licensee shall preserve its records of its premium finance transactions, including cards used in a card system, for at least three years after making the final entry in respect to […]
§ 33-22-8. Form, Contents, Execution, and Delivery of Premium Finance Agreement; Financing of Additional Premiums
A premium finance agreement shall: Be dated and signed by or on behalf of the insured, and the printed portion of the agreement shall be in approximately eight-point type and shall be readable by an individual with average eyesight; Contain the name and place of business of the insurance agent or insurance broker negotiating the […]
§ 33-22-9. Service Charges
As used in this Code section, the term: “Commercial insurance premium finance agreement” means any insurance premium finance agreement other than a consumer premium finance agreement. “Consumer insurance premium finance agreement” means an insurance premium finance agreement, as defined in Code Section 33-22-2, wherein the insurance contracts which are the subject of the premium finance […]
§ 33-22-999.
Index to Title 33 An index to Title 33 is located at the end of Volume 25.