General Laws of Massachusetts - Chapter 255C Insurance Premium Finance Agencies
- Massachusetts General Laws - Definitions - Chapter 255C, Section 1
In this chapter unless the context otherwise requires, the following words shall have the following meanings: 1. “Insurance agent” and “insurance broker”, respectively, an insurance...
- Massachusetts General Laws - Necessity of license - Chapter 255C, Section 2
No person, except a credit union, a bank as defined in section 1 of chapter 167, a national banking association, or a federal savings and...
- Massachusetts General Laws - Application for license; issuance or refusal of license; fees; duration of license; multi-state licensing system - Chapter 255C, Section 3
Each application for a license to engage in the business of a premium finance agency shall be in writing and in the form prescribed by...
- Massachusetts General Laws - Name and address of licensee; posting of license; change of location - Chapter 255C, Section 4
Such license shall state the name and address of the licensee. Such license shall be conspicuously posted in the specified office of the licensee and...
- Massachusetts General Laws - Revocation or suspension of license; grounds; surrender of license; effect - Chapter 255C, Section 5
The commissioner may forthwith revoke or suspend any license issued under this chapter if he finds after a hearing that: (a) the licensee has violated...
- Massachusetts General Laws - Rules and regulations; examination of business records; confidential communications; annual report - Chapter 255C, Section 6
The commissioner may prescribe from time to time such rules and regulations as he deems necessary and proper for carrying out the provisions of this...
- Massachusetts General Laws - Repealed, 1996, 118, Sec. 4 - Chapter 255C, Section 7
Repealed, 1996, 118, Sec.
- Massachusetts General Laws - Witnesses; summoning; examination; fees - Chapter 255C, Section 8
In conducting any hearing or investigation pursuant to the provisions of this chapter, the commissioner, or any person duly designated by him, shall have the...
- Massachusetts General Laws - Penalties - Chapter 255C, Section 9
Whoever violates any provision of this chapter, or knowingly makes any incorrect statement of a material fact in any application, report or statement filed pursuant...
- Massachusetts General Laws - Repealed, 1996, 118, Sec. 5 - Chapter 255C, Section 10
Repealed, 1996, 118, Sec.
- Massachusetts General Laws - License fees of agents or brokers; basis; application; subsidiaries - Chapter 255C, Section 11
The fee for an insurance agent or an insurance broker in his application for a license under section three shall be determined annually by the...
- Massachusetts General Laws - Rebates; prohibition; effect of filing of premium finance agreement - Chapter 255C, Section 12
No premium finance agency, and no employee of such an agency shall pay, allow or offer to pay or allow in any manner whatsoever to...
- Massachusetts General Laws - Form of agreement - Chapter 255C, Section 13
A premium finance agreement shall be in writing on a form approved by the commissioner and shall comply with the provisions of this chapter.
- Massachusetts General Laws - Excessive charges - Chapter 255C, Section 14
A premium finance agency shall not, except as otherwise provided by law, take or receive from an insured greater charges than are provided by section...
- Massachusetts General Laws - Group credit life or accident and health or involuntary unemployment insurance charges; prepayment; refunds; death benefits; disclosure statements; violations - Chapter 255C, Section 14A
In the event the charge or any portion thereof for life insurance under a policy issued pursuant to clause (c) of the first paragraph of...
- Massachusetts General Laws - Delinquency, collection and cancellation charges - Chapter 255C, Section 15
A premium finance agreement may provide for the payment by the insured of a delinquency, collection and cancellation charge as provided in section one hundred...
- Massachusetts General Laws - Prohibited provisions in agreements - Chapter 255C, Section 16
No premium finance agreement shall contain any provision whereby (a) in the absence of default of the insured, the premium finance agency holding the agreement...
- Massachusetts General Laws - Payment in absence of notice of assignment - Chapter 255C, Section 17
Unless the insured has notice of actual or intended assignment of a premium finance agreement, payment thereunder by him to the last known holder of...
- Massachusetts General Laws - Statement of payments and unpaid amounts; full payment by insured - Chapter 255C, Section 18
At any time after its execution, but not later than one year after the last payment thereunder, a premium finance agency holding a premium finance...
- Massachusetts General Laws - Payment in full before maturity; refund - Chapter 255C, Section 19
Notwithstanding the provisions of any premium finance agreement to the contrary, any insured may pay it in full at any time before maturity of the...
- Massachusetts General Laws - Extensions or deferments - Chapter 255C, Section 20
A premium finance agency may, upon agreement with the insured, extend the scheduled due date or defer the scheduled due date or defer the scheduled...
- Massachusetts General Laws - Cancellation of insurance contract; refund of finance charges; deficiency; notice of cancellation - Chapter 255C, Section 21
Upon the cancellation of an insurance contract the insured shall be entitled to a refund of the finance charges, such refund to be computed on...
- Massachusetts General Laws - Scope and application of chapter - Chapter 255C, Section 22
This chapter shall not affect the inclusion of a charge for insurance on a bona fide sale of property, goods or services on instalments, nor...
- Massachusetts General Laws - Truth-in-lending act; application - Chapter 255C, Section 23
A transaction subject to the provisions of this chapter shall also be subject to the provisions of chapter one hundred and forty D and a...
Last modified: September 11, 2015