§ 38.2-4700. What persons deemed insurance premium finance companies
A. Any person engaged in whole or in part in financing premiums for insurance on subjects of insurance resident, located or to be performed in this Commonwealth shall be an insurance premium finance company subject to this chapter. Any person who acquires agreements for this financing from an insurance premium finance company shall be deemed an insurance premium finance company subject to this chapter.
B. No person shall be deemed an insurance premium finance company by reason of any transaction lawful under the laws of this Commonwealth without regard to the provisions of this chapter. No bank, trust company, savings institution, industrial loan association, credit union, consumer finance company licensed under Chapter 6 (§ 6.1-244 et seq.) of Title 6.1, licensed insurance agent extending credit as authorized in § 38.2-1806, or insurer shall be licensed under the provisions of this chapter, nor be subject to the restrictions and obligations imposed by this chapter.
(1964, c. 147, § 38.1-735; 1986, c. 562; 1996, c. 77.)
Sections: 38.2-4700 38.2-4701 38.2-4702 38.2-4703 38.2-4704 38.2-4705 38.2-4706 38.2-4707 38.2-4708 38.2-4709 38.2-4710 38.2-4711 38.2-4712 NextLast modified: April 16, 2009