Title 33

The commissioner may revoke or suspend the license of a premium finance company when and if after investigation it appears to the commissioner that: (1) a license issued to the company was obtained by fraud; (2) there was misrepresentation in the application for the license; (3) …

(1) Every premium finance company shall maintain records of its premium finance transactions, and the records must be open to examination and investigation by the commissioner. The commissioner may at any time require the company to bring records that the commissioner may direct …

(1) A premium finance agreement must: (a) be dated and signed by the insured or by any person authorized in writing to act in behalf of the insured, and the printed portion of the agreement must be in at least 8-point type; (b) contain the name and place of business of the insura…

(1) A premium finance company may not charge, contract for, receive, or collect a finance charge other than as permitted by this chapter. (2) The finance charge must be computed on the balance of the premiums due, after subtracting the downpayment made by the insured in accordanc…

(1) A premium finance agreement may provide for the payment by the insured of a delinquency charge of $1 to a maximum of 5% of the delinquent installment but not to exceed $5 on any installment that is in default for 5 days or more. (2) If the default results in the cancellation …

(1) 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 may not be canceled by the premium finance company unl…

(1) Whenever a financed insurance contract is canceled by a person other than the insured, the insurer shall process cancellation of the financed insurance policy on a pro rata basis. The insurer shall return whatever gross unearned premiums are due under the insurance contract t…

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, encumbrancers, successors, or assigns.

This chapter does not apply to any insurance company or insurance companies affiliated under the same management and control authorized to do business in this state which provide installment premium payments programs at no interest to policyholders or to an insurance producer lic…