Code of Virginia - Title 38.2 Insurance - Chapter 47 Insurance Premium Finance Companies

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 ...

38.2-4701 License required; application; fee
No person shall act as an insurance premium finance company in this Commonwealth until that person has obtained a license from the Commission as provided ...

38.2-4702 Investigation of applicant; issuance of license
Upon the filing of an application and the payment of the application fee, the Commission shall make an investigation of the applicant. The Commission shall ...

38.2-4703 Renewal of license
Subject to the provisions of § 38.2-4704, a licensed insurance premium finance company may renew its license on July 1 of each year, upon payment ...

38.2-4704 Suspension, revocation or failure to renew license; imposition of penalty
The Commission may suspend, revoke or refuse to renew a license of any insurance premium finance company whenever it finds that: 1. The licensee has ...

38.2-4705 Maximum interest rate and maximum service charge on premium finance agreement
A. The Commission shall periodically investigate the economic conditions and other factors relating to and affecting the business of insurance premium finance companies. The Commission ...

38.2-4706 Default charge; bad check charge
A. If any installment under a premium finance agreement is not paid in full within seven days after it is due, Sundays and holidays included, ...

38.2-4707 Forms of premium finance agreements and related forms to be approved by Commission; false or mislea...
No form of premium finance agreement or any related form shall be used until it is approved by the Commission. No such form shall contain ...

38.2-4708 Examination of books and records of company; bond; rules and regulations; order by Commission to re...
A. 1. The Commission is empowered to examine the books and records of an insurance premium finance company. 2. The Commission is empowered to require ...

38.2-4709 Disposition of license and other fees
The Commission shall collect and pay directly into the state treasury licensing fees and all other fees. These fees shall be credited to the fund ...

38.2-4710 Penalty for engaging in business without license
Any person engaging in the business of financing insurance premiums in this Commonwealth without obtaining a license as required under this chapter shall be subject ...

38.2-4711 Exemptions
This chapter shall not apply to the inclusion of a charge for insurance in a sale of property, goods or services payable in installments, or ...

38.2-4712 Validity of secured transactions
No filing of the premium finance agreement or recording of a premium finance transaction shall be necessary to validate the agreement as a secured transaction. ...