48.56.010 – Short title.

RCW 48.56.010 Short title. This chapter shall be known and may be cited as “The Insurance Premium Finance Company Act”. [ 1969 ex.s. c 190 § 1.]

48.56.020 – Definitions.

RCW 48.56.020 Definitions. As used in this chapter: (1) “Insurance premium finance company” means a person engaged in the business of entering into insurance premium finance agreements. (2) “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 […]

48.56.030 – License—Required—Fees—Information to be furnished—Penalty.

RCW 48.56.030 License—Required—Fees—Information to be furnished—Penalty. (1) No person shall engage in the business of financing insurance premiums in the state without first having obtained a license as a premium finance company from the commissioner. Any person who shall engage in the business of financing insurance premiums in the state without obtaining a license as […]

48.56.040 – Investigation of applicant—Qualifications—Hearing.

RCW 48.56.040 Investigation of applicant—Qualifications—Hearing. (1) 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 the applicant is qualified in accordance with this chapter. If the commissioner does not so find, he or she shall, within […]

48.56.050 – Revocation, suspension, or refusal to renew.

RCW 48.56.050 Revocation, suspension, or refusal to renew. (1) The commissioner may revoke or suspend the license of any premium finance company when and if after investigation it appears to the commissioner that— (a) any license issued to such company was obtained by fraud, (b) there was any misrepresentation in the application for the license, […]

48.56.060 – Records.

RCW 48.56.060 Records. (1) Every licensee shall maintain records of its premium finance transactions and the said records shall be open to examination and investigation by the commissioner. The commissioner may at any time require any licensee to bring such records as he or she may direct to the commissioner’s office for examination. (2) Every […]

48.56.070 – Rules and regulations.

RCW 48.56.070 Rules and regulations. The commissioner shall have authority to make and enforce such reasonable rules and regulations as may be necessary in making effective the provisions of this chapter, but such rules and regulations shall not be contrary to nor inconsistent with the provisions of this chapter. [ 1969 ex.s. c 190 § […]

48.56.080 – Premium finance agreement.

RCW 48.56.080 Premium finance agreement. (1) A premium finance agreement shall: (a) Be dated, signed by or on behalf of the insured, and the printed portion thereof shall be in at least eight point type; (b) Contain the name and place of business of the insurance producer negotiating the related insurance contract, the name and […]

48.56.090 – Service charge.

RCW 48.56.090 Service charge. (1) A premium finance company shall not charge, contract for, receive, or collect a service charge other than as permitted by this chapter. (2) The service charge is to be computed on the balance of the premiums due (after subtracting the down payment made by the insured in accordance with the […]

48.56.100 – Delinquency charge—Cancellation charge.

RCW 48.56.100 Delinquency charge—Cancellation charge. A premium finance agreement may provide for the payment by the insured of a delinquency charge of one dollar to a maximum of five percent of the delinquent installment that is in default for a period of five days or more except that if the loan is primarily for personal, […]

48.56.110 – Cancellation of insurance contract.

RCW 48.56.110 Cancellation of insurance contract. (1) 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 such cancellation is effectuated in accordance with […]

48.56.120 – Cancellation of insurance contract—Return of unearned premiums.

RCW 48.56.120 Cancellation of insurance contract—Return of unearned premiums. (1) Whenever a financed insurance contract is canceled, the insurer shall return whatever gross unearned premiums are due under the insurance contract to the premium finance company for the account of the insured or insureds. (2) In the event that the crediting of return premiums to […]

48.56.130 – Filing of agreement.

RCW 48.56.130 Filing of agreement. No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrancers, successors, or assigns. [ 1969 ex.s. c 190 § 13.]

48.56.900 – Effective date—1969 ex.s. c 190.

RCW 48.56.900 Effective date—1969 ex.s. c 190. This act is necessary for the immediate preservation of the public peace, health and safety, the support of the state government and its existing public institutions, and shall take effect on the sixtieth day following passage by the legislature and submission to the governor for action. [ 1969 […]