Section 59A.01 — Citation.
59A.01 CITATION. Sections 59A.01 to 59A.15 may be cited as the “Insurance Premium Finance Company Act.” History: 1974 c 353 s 1
Section 59A.02 — Definitions.
59A.02 DEFINITIONS. Subdivision 1. Scope. For the purposes of sections 59A.01 to 59A.15, the words, terms and phrases defined in this section have the meanings ascribed to them except where the context clearly indicates a different meaning. Subd. 2. Insurance premium finance agreement. “Insurance premium finance agreement” means an agreement by which an insured or […]
Section 59A.03 — Licenses; Penalty.
59A.03 LICENSES; PENALTY. Subdivision 1. Requirement. No person other than a savings association, bank, savings bank, trust company, regulated lender, industrial loan and thrift company, credit union or resident insurance agent who, within 15 days after entering into an insurance premium finance agreement, transfers such agreement to a licensee or to any of the organizations […]
Section 59A.04 — Action By Commissioner On Application.
59A.04 ACTION BY COMMISSIONER ON APPLICATION. Subdivision 1. Investigation and hearing. Upon the filing of an initial application and the payment of the license fee, the commissioner shall make an investigation of each applicant. If a license has not been issued within 30 days after receipt of the application the commissioner shall, at the request […]
Section 59A.05 — Revocation And Suspension Of Licenses.
59A.05 REVOCATION AND SUSPENSION OF LICENSES. The commissioner may after a hearing revoke, suspend, or refuse to renew the license of any licensee if it appears to the commissioner that: (a) the license was obtained by fraud; (b) there was any misrepresentation in the application for the license; (c) the holder of the license is […]
Section 59A.06 — Books And Records.
59A.06 BOOKS AND RECORDS. Subdivision 1. Licensee duties. Every licensee shall maintain records satisfactory to the commissioner of its premium finance transactions. The records shall be open to examination and investigation by the commissioner at any time during ordinary business hours. The commissioner may, at any time, require any licensee to bring these records to […]
Section 59A.07 — Power To Make Rules.
59A.07 POWER TO MAKE RULES. The commissioner shall promulgate any rules which may be necessary to the administration of sections 59A.01 to 59A.15. History: 1974 c 353 s 7; 1985 c 248 s 70
Section 59A.08 — Premium Finance Agreements.
59A.08 PREMIUM FINANCE AGREEMENTS. Subdivision 1. Contents; specific information. A premium finance agreement shall: (a) be dated and 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 agent or insurance broker negotiating […]
Section 59A.09 — Maximum Finance Charge.
59A.09 MAXIMUM FINANCE CHARGE. Subdivision 1. Grant of authority. No person engaged in the business of financing insurance premiums may charge, contract for, receive or collect a finance charge plus flat service fee with respect to an insurance premium finance agreement other than as permitted by this section. Subd. 2. Balance determined. The finance charge […]
Section 59A.10 — Default Charges.
59A.10 DEFAULT CHARGES. Subdivision 1. Delinquencies. A premium finance agreement may provide for payment by the insured of a delinquency charge. The delinquency charge may not exceed five percent of the delinquent installment. The delinquency charge may be imposed upon any installment which is in default for a period of ten days or more. Subd. […]
Section 59A.11 — Cancellation Of Insurance Contract Upon Default.
59A.11 CANCELLATION OF INSURANCE CONTRACT UPON DEFAULT. Subdivision 1. Grant of authority. When a premium finance agreement contains a power of attorney or other authority enabling the insurance premium finance company to cancel any insurance contract listed in the agreement, the insurance contract or contracts shall not be canceled by the premium finance company unless […]
Section 59A.12 — Application Of Unearned Premiums.
59A.12 APPLICATION OF UNEARNED PREMIUMS. Subdivision 1. Pro rata return after cancellation. Whenever a financed insurance contract is canceled, within 30 days of the effective date of cancellation, if the premium finance company has notified the insurer that the premiums are financed, the insurer shall return whatever gross unearned premiums, computed pro rata, are due […]
Section 59A.13 — Exemption From Filing.
59A.13 EXEMPTION FROM FILING. No filing of the premium finance agreement or recording of a premium finance transaction shall be necessary to perfect the validity of the agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrances, successors or assigns. History: 1974 c 353 s 13
Section 59A.15 — Applicability Of Chapter 14.
59A.15 APPLICABILITY OF CHAPTER 14. The provisions of chapter 14 shall apply to sections 59A.01 to 59A.15. History: 1974 c 353 s 15; 1982 c 424 s 130