§ 554. Definitions. In this article, unless the context otherwise requires: 1. “Authorized insurer” and “insurance contract” have the respective meanings assigned to them by the insurance law. 2. “Bank” means a bank, trust company, private banker, savings bank, savings and loan association, credit union, investment company organized under article twelve of this chapter and […]
§ 555. License. 1. No person except a lending institution or an authorized insurer shall engage in the business of a premium finance agency without a license therefor obtained from the superintendent, as provided in this article. 2. Application for license required under this article shall be in writing, and in the form prescribed by […]
§ 555-a. Changes in control. 1. It shall be unlawful except with the prior approval of the superintendent for any action to be taken which results in a change of control of the business of a licensee. Prior to any change of control, the person desirous of acquiring control of the business of a licensee […]
§ 556. Action by superintendent on application. 1. Within ninety days after the filing of an application for a license accompanied by payment of the fees for license and investigation, the superintendent shall issue the license, or the superintendent may refuse to issue the license if he shall find that the financial responsibility, experience, character […]
§ 557. License provisions and posting. Such license shall state the name and address of the licensee, and if the licensee be a co-partnership or association, the names of the members thereof, and if a corporation the date and place of its incorporation. Such license shall be kept conspicuously posted in the office of the […]
§ 558. Change of location. Before any licensee changes any office of his to another location, he shall give written notice thereof to the superintendent, who shall without charge issue an endorsement indicating the change and the date thereof, which endorsement shall be attached to the license for such office and be authority for the […]
§ 559. Grounds for revocation of license; procedure. 1. The superintendent may forthwith revoke or suspend any license issued hereunder if he shall find that: (a) The licensee has failed to pay the annual license fee or any sum of money lawfully demanded, or to comply with any demand, ruling, or requirement of the superintendent […]
§ 560. Investigations and examinations. 1. The superintendent shall have the power to make such investigations as he shall deem necessary to determine whether any licensee or any other person has violated any of the provisions of this article, or whether any licensee has conducted himself in such manner as would justify the revocation of […]
§ 561. Regulations and rulings. The superintendent is hereby authorized and empowered to make such general rules and regulations, conduct hearings and make such specific rulings, orders, demands and findings as may be necessary for the proper conduct of the business authorized and licensed under and for the enforcement of this article.
§ 563. Violations and penalties. 1. Any person, including any member, officer, director or employee of a licensee, who violates or participates in the violation of any provision of this article, or who knowingly makes any incorrect statement of a material fact in any application, report or statement filed pursuant to this article, or who […]
§ 565. Licensee’s books and records; reports. 1. The licensee shall keep and use in his business such books, accounts and records as will enable the superintendent to determine whether such licensee is complying with the provisions of this article and with the rules and regulations lawfully made by the superintendent hereunder. Every licensee shall […]
§ 566. Insurance agents and brokers; acquisition by premium finance agencies of premium finance agreements. 1. An insurance agent or broker may be licensed as a premium finance agency in accordance with this article. 2. Notwithstanding any contrary provisions of the personal property law, banking law or other law: (a) No premium finance agency, and […]
§ 567. Form and content of premium finance agreements. 1. A premium finance agreement shall be in writing and dated on the date of its signature by the insured; the printed portion thereof shall be in at least eight point type. 2. It shall contain the entire agreement of the parties with respect to the […]
§ 568. Limitation on service and other charges. 1. A premium finance agency shall not, except as otherwise provided by law, impose, take, receive from, reserve or charge an insured greater charges than are permitted by this article. 2. A premium finance agency, including an insurance agent or broker licensed as such, may, in a […]
§ 569. Delinquency, collection and cancellation charges; attorney’s fees. 1. A premium finance agreement may provide for the payment by the insured of a delinquency and collection charge on each instalment in default for a period of not less than five days in an amount of one dollar to a maximum not in excess of […]
§ 570. Restrictions on premium finance agreements. 1. No premium finance agreement shall contain any provision by which: (a) In the absence of default of the insured, the premium finance agency holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part or all of the amount owing thereunder; (b) A […]
§ 571. Delivery of copy of premium finance agreement. Before the due date of the first instalment payable under a premium finance agreement, the insurance agent or broker or the premium finance agency holding the agreement shall deliver to the insured, or mail to him at his address as shown in the agreement, a copy […]
§ 572. Notice of assignment; payments. Unless the insured has notice of actual or intended assignment of a premium finance agreement, payment thereunder by him to the last known holder of the agreement shall be binding upon all subsequent holders or assignees.
§ 573. Statement of account; receipts. 1. At any time after its execution, but not later than one year after the last payment thereunder, a premium finance agency holding a premium finance agreement shall, upon written request of the insured, give or mail to him a written statement of the dates and amounts of payments […]
§ 574. Credit upon anticipation of payments. 1. Notwithstanding the provisions of any premium finance agreement to the contrary, any insured may pay it in full at any time before the maturity of the final instalment of the balance thereof and, if he does so and the agreement included an amount for service charge, shall […]
