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 23-301 – Requirements for Premium Finance Agreements
(a) (1) A premium finance agreement shall be dated and signed by or on behalf of the insured. (2) Except as provided under subsection (b)(5)(viii) of this section, the printed part of the premium finance agreement shall be in approximately 8–point type and be easily readable by an average individual. (b) A premium finance agreement shall contain: (1) the name […]
Section 23-301.1 – Additional Inclusions
In addition to financing the premium of a surplus lines insurance contract, a premium finance agreement may include any: (1) premium receipts tax that a surplus lines broker is required to charge under § 3-324 of this article and pay to the Commissioner under § 3-325 of this article; (2) policy fee that a surplus lines broker […]
Section 23-301.2 – Assignment of Rights; Use as Collateral
(a) (1) With respect to private passenger motor vehicle insurance and personal insurance, a premium finance company may: (i) assign all rights and obligations under a premium finance agreement to another premium finance company that is registered in the State under this title; or (ii) pledge a premium finance agreement as collateral for a loan. (2) If a premium finance […]
Section 23-302 – Copies of Premium Finance Agreements
(a) A copy of each premium finance agreement or other notice of a premium finance agreement that describes the policy or policies involved shall be given to the agency issuing the policy or policies or to the insurers involved. (b) (1) If a policy is procured through a surplus lines broker licensed in the State, and payment is […]