New York Banking Law Article 12-B - INSURANCE PREMIUM FINANCE AGENCIES

• 554 - Definitions.
  In this article, unless the context otherwise requires: 1. "Authorized insurer" and "insurance contract" have the respective meanings assigned to them by the insurance law....
• 555 - License.
  1. No person except a lending institution or an authorized insurer shall engage in the business of a premium finance agency without a license therefor...
• 555-a - Changes in Control.
  1. It shall be unlawful except with the prior approval of the superintendent for any action to be taken which results in a change of...
• 556 - Action by Superintendent on Application.
  1. Within ninety days after the filing of an application for a license accompanied by payment of the fees for license and investigation, the superintendent...
• 557 - License Provisions and Posting.
  Such license shall state the name and address of the licensee, and if the licensee be a co-partnership or association, the names of the members...
• 558 - Change of Location.
  Before any licensee changes any office of his to another location, he shall give written notice thereof to the superintendent, who shall without charge issue...
• 559 - Grounds for Revocation of License; Procedure.
  1. The superintendent may forthwith revoke or suspend any license issued hereunder if he shall find that: (a) The licensee has failed to pay the...
• 560 - Investigations and Examinations.
  1. The superintendent shall have the power to make such investigations as he shall deem necessary to determine whether any licensee or any other person...
• 561 - Regulations and Rulings.
  The superintendent is hereby authorized and empowered to make such general rules and regulations, conduct hearings and make such specific rulings, orders, demands and findings...
• 563 - Violations and Penalties.
  1. Any person, including any member, officer, director or employee of a licensee, who violates or participates in the violation of any provision of this...
• 565 - Licensee's Books and Records; Reports.
  1. The licensee shall keep and use in his business such books, accounts and records as will enable the superintendent to determine whether such licensee...
• 566 - Insurance Agents and Brokers; Acquisition by Premium Finance Agencies of Premium Finance Agreements.
  1. An insurance agent or broker may be licensed as a premium finance agency in accordance with this article. 2. Notwithstanding any contrary provisions of...
• 567 - Form and Content of Premium Finance Agreements.
  1. A premium finance agreement shall be in writing and dated on the date of its signature by the insured; the printed portion thereof shall...
• 568 - Limitation on Service and Other Charges.
  1. A premium finance agency shall not, except as otherwise provided by law, impose, take, receive from, reserve or charge an insured greater charges than...
• 569 - Delinquency, Collection and Cancellation Charges; Attorney's Fees.
  1. A premium finance agreement may provide for the payment by the insured of a delinquency and collection charge on each instalment in default for...
• 570 - Restrictions on Premium Finance Agreements.
  1. No premium finance agreement shall contain any provision by which: (a) In the absence of default of the insured, the premium finance agency holding...
• 571 - Delivery of Copy of Premium Finance Agreement.
  Before the due date of the first instalment payable under a premium finance agreement, the insurance agent or broker or the premium finance agency holding...
• 572 - Notice of Assignment; Payments.
  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...
• 573 - Statement of Account; Receipts.
  1. At any time after its execution, but not later than one year after the last payment thereunder, a premium finance agency holding a premium...
• 574 - Credit Upon Anticipation of Payments.
  1. Notwithstanding the provisions of any premium finance agreement to the contrary, any insured may pay it in full at any time before the maturity...
• 575 - Refinancing.
  A premium finance agency may, upon agreement with the insured, extend the scheduled due date or defer the scheduled payment of all or of any...
• 576 - Cancellation of Insurance Contract Upon Default.
  1. When a premium finance agreement contains a power of attorney or other authority enabling the premium finance agency to cancel any insurance contract or...
• 577 - Interpretation of Article.
  This article does not affect: (1) the inclusion of amounts for insurance in retail instalment contracts or obligations in accordance with the motor vehicle retail...
• 577-a - Premium Finance Agreements.
  1. Any amount advanced by a premium finance agency, with regard to any insurance policy issued pursuant to any plan established under article fifty-three of...
• 578 - Severability.
  If any provision of this article or the application thereof to any person or circumstances is held invalid, the invalidity thereof shall not affect other...

Last modified: February 3, 2019