(1) A premium finance agreement shall:
(a) Be dated, signed by the insured or by any person authorized in writing to act in 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 producer negotiating the related insurance policy, the name and residence or the place of business of the insured as specified by the insured, the name and place of business of the premium finance company to which payments are to be made, a description of the insurance policies involved and the amount of the premium therefor; and
(c) Set forth the following items where applicable:
(A) The total amount of the premiums.
(B) The amount of the down payment.
(C) The principal balance (the difference between items (A) and (B)).
(D) The amount of the service charge.
(E) The balance payable by the insured (sum of items (C) and (D)).
(F) The number of payments required, the amount of each payment expressed in dollars, and the due date or period thereof.
(2) The items set out in subsection (1)(c) of this section need not be stated in the sequence or order in which they appear in such paragraph, and additional items may be included to explain the computations made in determining the amount to be paid by the insured.
(3) The premium finance company or the insurance producer shall deliver to the insured, or mail to the insured at the address shown in the agreement, a complete copy of the agreement.
(4) A premium finance company shall give notice of its financing to the insurer not later than the 30th day after the date the premium financing agreement is received by the premium finance company. A notice given under this subsection shall be effective whether or not the insured’s policy number is set forth in the notice. [1969 c.639 §9; 1971 c.231 §38; 1983 c.239 §3; 2003 c.364 §148]
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