Title XXXVII, Insurance

Any premium finance company, insurer, agent, or broker who willfully and knowingly violates any provision of this chapter shall be guilty of a misdemeanor.

I. No person shall engage in the business of a premium finance company in this state without having first obtained a premium finance company license from the commissioner, except as provided in paragraph IV. II. The annual license fee shall be $200. Licenses may be renewed from y…

I. 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 find the applicant qualifi…

I. The commissioner may revoke or suspend the license of any premium finance company when, after investigation, the commissioner finds that: (a) The license issued to such company was obtained by fraud; (b) There was any misrepresentation in the application for the license; (c) T…

I. Every licensee shall maintain records of its premium finance transactions. Such records shall be open to examination and investigation by the commissioner at any time during regular business hours at any location at which such records are maintained. II. Every licensee shall p…

I. A premium finance agreement shall: (a) Be dated and signed by or on behalf of the insured; and the printed portion of the agreement shall be in at least 8-point type; (b) Contain the name and place of business of the insurance agent or broker negotiating the related insurance …

I. A premium finance company shall not charge, contract for, receive, or collect an interest or discount charge other than as permitted by this chapter. II. The interest or discount shall be agreed upon by the parties and shall be computed on the balance of the premiums due (afte…

I. A premium finance agreement may provide for the payment by the insured of a delinquency charge on any installment which is in default for a period of 5 consecutive days or more, of $1 to a maximum of 5 percent of the delinquent installment. If the default results in the cancel…

I. When a premium finance agreement contains a power of attorney enabling the premium finance company to cancel upon default any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be cancelled by the premium finance company unle…