§ 23-501.1

Md. Code, Insurance § 23-501.1, under Article — Insurance.

Md. Code, Insurance § 23-501.1

(a) A premium finance company may not impose any finance charge or other charge on any payment for the purchase price of a motor club service contract.

(b) A premium finance company may not cancel an insurance contract if any payment under the premium finance agreement:

(1) is sufficient to pay the installment due under the premium finance agreement that is related to the insurance contract obligation; but

(2) is not sufficient to cover the amount of the monthly payment for the motor club service contract.