Section 23-307.1 – Electronic Payment Fee
(a) (1) In this section the following words have the meanings indicated. (2) (i) “Electronic check” means a form of payment in which a fund transfer is made electronically from a payer’s bank account to a premium finance company’s bank account. (ii) “Electronic check” does not include a written check that is delivered to a premium finance company or an […]
Section 23-308 – Dishonored Check Fee
A premium finance company may charge a dishonored check fee, which may not exceed $25, for actual expenses incurred in the processing of a dishonored check.
Section 23-309 – Fee for Obtaining Clue Report
A premium finance company may not charge an insured or a prospective insured any fee for the expense that the premium finance company incurs in obtaining a comprehensive loss underwriting exchange automobile report (CLUE report) regarding the insured or prospective insured if a producer already has charged the insured or prospective insured for obtaining the […]
Section 23-310 – Perfection of Premium Finance Agreement as Secured Transaction
Filing of a premium finance agreement is not needed to perfect the validity of the premium finance agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrancers, trustees in bankruptcy or any other insolvency proceeding under any law, or anyone having the status or power of any of those persons, their successors, or […]
Section 23-311 – Reinstatement of Policy — Payment of Fee
A premium finance company is not required to reinstate a policy if: (1) the insurer requires a reinstatement fee, as authorized under § 27–216(b)(5) of this article, to be paid by the insured; and (2) the insured does not timely pay the reinstatement fee.
Section 23-401 – Compliance With Subtitle Required
When in connection with a premium finance agreement a power of attorney or other authority to cancel an insurance contract on behalf of an insured is given to a premium finance company, the premium finance company may not cancel the insurance contract except in accordance with this subtitle.
Section 23-401.1 – Notice to Insured
(a) Subject to subsection (b) of this section, at the option of the insured a premium finance company may send any notice required under this subtitle by personal delivery, first–class mail, commercial delivery service, electronic mail, or facsimile transmission. (b) A premium finance company may send any notice required under this subtitle by electronic means only if […]
Section 23-402 – Notice of Intent to Cancel
(a) At least 10 days before canceling an insurance contract, a premium finance company shall deliver or mail to the insured written notice of intent to cancel the insurance contract unless the defaulted installment payment is received within the 10–day notice period. (b) For an automobile liability insurance contract, the notice of intent to cancel shall include […]
Section 23-403 – Cancellation of Insurance Contract
(a) (1) After the end of the notice period under § 23–402(a) of this subtitle, the premium finance company may cancel the insurance contract by submitting to the insurer a notice of cancellation that specifies the effective date of the cancellation. (2) (i) The premium finance company shall deliver or mail a copy of the notice of cancellation to […]
Section 23-302.1 – Financing Additional Premium
(a) An insured may finance an additional premium if: (1) the insured has paid the down payment, if any, required by the premium finance company on the additional premium; and (2) the premium finance company delivers or mails a written notice to the insured at the last known address of the insured indicating that: (i) there is a revised […]