568 – Limitation on Service and Other Charges.
§ 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 […]
554 – Definitions.
§ 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.
§ 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.
§ 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.
§ 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 […]