627.826 “Premium finance company” defined.—
(1) An “insurance premium finance company” is:
(a) A person engaged, in whole or in part, in the business of entering into premium finance agreements with insureds; or
(b) A person engaged, in whole or in part, in the business of acquiring premium finance agreements from other premium finance companies.
(2) The following entities are exempt from the provisions of this part:
(a) Credit unions, banks, savings and loan associations, and other lending institutions as defined under chapters 516, 657, 658, and 665 or their federally chartered counterparts.
(b) Any person who purchases or otherwise acquires premium finance agreements from a licensee if the licensee retains the possession of and the legal obligation to service the agreements and collect payments due under the agreements and remains responsible for the premium finance agreements being administered in compliance with this part.
(3) The inclusion of a charge for insurance on a bona fide sale of goods or services on installments is not subject to the provisions of this part.
History.—s. 1, ch. 63-16; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 166, ch. 79-164; s. 431, ch. 81-259; ss. 2, 3, ch. 81-318; ss. 594, 612, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 204, ch. 92-303; s. 114, ch. 92-318; s. 1, ch. 2003-152.
Section: 627.826 627.827 627.828 627.8281 627.829 627.832 627.833 627.834 627.835 627.836 627.838 627.839 627.840 627.8405 627.841 NextLast modified: September 23, 2016