40-2601 Citation of act.
40-2601. Citation of act. This act may be cited as the “Kansas insurance premium finance company act.” History: L. 1968, ch. 287, § 1; July 1.
40-2602 Definitions.
40-2602. Definitions. For the purpose of this act: (a) “Insurance premium finance company” means a person engaged in the business of entering into insurance premium finance agreements under this act. (b) “Premium finance agreement” means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced […]
40-2603 Act inapplicable, when.
40-2603. Act inapplicable, when. The provisions of this act shall not apply with respect to: (a) Any insurance company authorized to do business in the state of Kansas, or any agent or agency of an insurance company financing premiums on policies written by such agent or agency, (b) any bank, trust company, savings and loan […]
40-2604 Licensure; violation, penalty; continuation, fee; application; authority of commissioner.
40-2604. Licensure; violation, penalty; continuation, fee; application; authority of commissioner. No person shall engage in the business of financing insurance premiums under this act in this state without first having obtained a license as a premium finance company from the commissioner of insurance. Every violation of any of the provisions of this act shall subject […]
40-2605 Investigation by commissioner; issuance of license.
40-2605. Investigation by commissioner; issuance of license. 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 he finds that the person to be licensed: (a) Is competent and trustworthy and intends to act in good faith […]
40-2606 Revocation or suspension of license, grounds; hearing; other penalties.
40-2606. Revocation or suspension of license, grounds; hearing; other penalties. The commissioner shall have the right to revoke or suspend the license of any premium finance company if the commissioner finds that: (a) Any license issued to such company was obtained by fraud; (b) there was any misrepresentation in the application for the license; (c) […]
40-2607 Records required to be maintained; examination; fees and expenses; duration.
40-2607. Records required to be maintained; examination; fees and expenses; duration. Every licensee shall maintain records of its premium finance transactions and the said records shall be open to examination and investigation by the commissioner: Provided, however, That said licensee shall be assessed and make payment of such fees and expenses incurred as a result […]
40-2608 Rules and regulations.
40-2608. Rules and regulations. The commissioner may adopt rules and regulations to implement this act. History: L. 1968, ch. 287, § 8; July 1.
40-2609 Premium finance agreement.
40-2609. Premium finance agreement. No premium finance agreement shall be issued or delivered in this state until the form of the same has been filed with the commissioner of insurance, nor if the commissioner of insurance gives written notice within thirty (30) days of such filing to the licensee proposing to issue such premium finance […]
40-2610 Service charges; computation; maximum; refund on prepayment.
40-2610. Service charges; computation; maximum; refund on prepayment. A premium finance company shall not charge, contract for, receive, or collect a service charge other than as permitted by this act. The service charge shall be computed on the balance of the premiums due (after subtracting the down payment made by the insured in accordance with […]
40-2611 Delinquency charge.
40-2611. Delinquency charge. A premium finance agreement may provide for the payment by the insured of a delinquency charge of $5 plus an amount not to exceed 2% of the delinquent installment on any installment which is in default for a period of five days or more. History: L. 1968, ch. 287, § 11; L. […]
40-2612 Cancellation of insurance contracts, when; notice; duty of insurer; refund.
40-2612. Cancellation of insurance contracts, when; notice; duty of insurer; refund. (a) 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 […]
40-2613 Agreement as secured transaction.
40-2613. Agreement as secured transaction. 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, encumbrances, successors or assigns. History: L. 1968, ch. 287, § 13; July 1.