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Florida Statute 626.9551 - Full Text and Legal Analysis
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The 2025 Florida Statutes

Title XXXVII
INSURANCE
Chapter 626
INSURANCE FIELD REPRESENTATIVES AND OPERATIONS
View Entire Chapter
F.S. 626.9551
626.9551 Favored agent or insurer; coercion of debtors.
(1) No person may:
(a) Require, as a condition precedent or condition subsequent to the lending of money or extension of credit or any renewal thereof, that the person to whom such money or credit is extended, or whose obligation the creditor is to acquire or finance, negotiate any policy or contract of insurance through a particular insurer or group of insurers or agent or broker or group of agents or brokers.
(b) Reject an insurance policy solely because the policy has been issued or underwritten by any person who is not associated with a financial institution, or with any subsidiary or affiliate thereof, when such insurance is required in connection with a loan or extension of credit; or unreasonably disapprove the insurance policy provided by a borrower for the protection of the property securing the credit or lien. For purposes of this paragraph, such disapproval shall be deemed unreasonable if it is not based solely on reasonable standards, uniformly applied, relating to the extent of coverage required by such lender or person extending credit and the financial soundness and the services of an insurer. Such standards shall not discriminate against any particular type of insurer, nor shall such standards call for the disapproval of an insurance policy because such policy contains coverage in addition to that required.
(c) Require, directly or indirectly, that any borrower, mortgagor, purchaser, insurer, broker, or agent pay a separate charge in connection with the handling of any insurance policy that is required in connection with a loan or other extension of credit or the provision of another traditional banking product, or pay a separate charge to substitute the insurance policy of one insurer for that of another, unless such charge would be required if the person were providing the insurance. This paragraph does not include the interest which may be charged on premium loans or premium advances in accordance with the security instrument.
(d) Use or provide to others insurance information required to be disclosed by a customer to a financial institution, or a subsidiary or affiliate thereof, in connection with the extension of credit for the purpose of soliciting the sale of insurance, unless the customer has given express written consent or has been given the opportunity to object to such use of the information. Insurance information means information concerning premiums, terms, and conditions of insurance coverage, insurance claims, and insurance history provided by the customer. The opportunity to object to the use of insurance information must be in writing and must be clearly and conspicuously made.
(e) Require an insurance agent or agency to directly or indirectly provide the replacement cost estimator or other underwriting information of an insurer underwriting an insurance policy covering real property, as a condition precedent or condition subsequent to the lending of money or extension of credit to be secured by real property, when such information is the proprietary business information of an insurer, as defined in s. 624.4212(1), nor may an agent or agency provide this information.
(2)(a) Any person offering the sale of insurance at the time of and in connection with an extension of credit or the sale or lease of goods or services shall disclose in writing that the choice of an insurance provider will not affect the decision regarding the extension of credit or sale or lease of goods or services, except that reasonable requirements may be imposed pursuant to subsection (1).
(b) Federally insured or state-insured depository institutions and credit unions shall make clear and conspicuous disclosure in writing prior to the sale of any insurance policy that such policy is not a deposit, is not insured by the Federal Deposit Insurance Corporation or any other entity, is not guaranteed by the insured depository institution or any person soliciting the purchase of or selling the policy; that the financial institution is not obligated to provide benefits under the insurance contract; and, where appropriate, that the policy involves investment risk, including potential loss of principal.
(c) All documents constituting policies of insurance shall be separate and shall not be combined with or be a part of other documents. A person may not include the expense of insurance premiums in a primary credit transaction without the express written consent of the customer.
(d) A loan officer of a financial institution who is involved in the application, solicitation, or closing of a loan transaction may not solicit or sell insurance in connection with the same loan, but such loan officer may refer the loan customer to another insurance agent who is not involved in the application, solicitation, or closing of the same loan transaction. This paragraph does not apply to an agent located on premises having only a single person with lending authority, or to a broker or dealer registered under the Federal Securities Exchange Act of 1934 in connection with a margin loan secured by securities.
(3) Paragraphs (2)(a), (b), (c), and (d) do not apply to sales of insurance regulated under ss. 627.676-627.6845, s. 655.946, parts XV-XVI of chapter 627, or 12 U.S.C. ss. 4901-4910.
(4) No person may make an extension of credit or the sale of any product or service that is the equivalent to an extension of credit or lease or sale of property of any kind, or furnish any services or fix or vary the consideration for any of the foregoing, on the condition or requirement that the customer obtain insurance from that person, or a subsidiary or affiliate of that person, or a particular insurer, agent, or broker; however, this subsection does not prohibit any person from engaging in any activity that if done by a financial institution would not violate s. 106 of the Bank Holding Company Act Amendments of 1970, 12 U.S.C. s. 1972, as interpreted by the Board of Governors of the Federal Reserve System.
(5) The department or office may investigate the affairs of any person to whom this section applies to determine whether such person has violated this section. If a violation of this section is found to have been committed knowingly, the person in violation shall be subject to the same procedures and penalties as provided in ss. 626.9571, 626.9581, 626.9591, and 626.9601.
History.s. 9, ch. 76-260; s. 1, ch. 77-174; s. 2, ch. 79-289; s. 236, ch. 79-400; s. 807, ch. 82-243; ss. 206, 207, ch. 90-363; s. 4, ch. 91-429; s. 2, ch. 99-388; s. 1030, ch. 2003-261; s. 21, ch. 2021-113.

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Amendments to 626.9551


Annotations, Discussions, Cases:

Cases Citing Statute 626.9551

Total Results: 9

Talat Enterprises, Inc. v. Aetna Cas. & Sur. Co.

753 So. 2d 1278, 2000 WL 232303

Supreme Court of Florida | Filed: Mar 2, 2000 | Docket: 1729118

Cited 62 times | Published

1. Section 626.9541(9), (15), or (24); 2. Section 626.9551; 3. Section 626.9705; 4. Section 626.9706;

DADELAND DEPOT. v. St. Paul Fire and Marine

945 So. 2d 1216, 31 Fla. L. Weekly Supp. 882, 2006 Fla. LEXIS 2953, 2006 WL 3741019

Supreme Court of Florida | Filed: Dec 21, 2006 | Docket: 2451707

Cited 49 times | Published

1. Section 626.9541(1)(i), (o), or (x); 2. Section 626.9551; 3. Section 626.9705; 4. Section 626.9706;

State Farm Fire & Cas. Co. v. Zebrowski

706 So. 2d 275, 22 Fla. L. Weekly Supp. 726, 1997 Fla. LEXIS 1965, 1997 WL 730719

Supreme Court of Florida | Filed: Nov 26, 1997 | Docket: 2513787

Cited 13 times | Published

1. Section 626.9541(1)(i), (o), or (x); 2. Section 626.9551; 3. Section 626.9705; 4. Section 626.9706;

Home Ins. Co. v. Owens

573 So. 2d 343, 1990 WL 175784

District Court of Appeal of Florida | Filed: Nov 14, 1990 | Docket: 479030

Cited 9 times | Published

1. Section 626.9541(1)(i), (o), or (x); 2. Section 626.9551; 3. Section 626.9705; 4. Section 626.9706;

Zebrowski v. State Farm Fire & Cas. Co.

673 So. 2d 562, 1996 WL 267929

District Court of Appeal of Florida | Filed: May 22, 1996 | Docket: 1671221

Cited 2 times | Published

1. Section 626.9541(1)(i), (o), or (x); 2. Section 626.9551; 3. Section 626.9705; 4. Section 626.9706;

316, Inc. v. Maryland Casualty Co.

625 F. Supp. 2d 1179, 2008 U.S. Dist. LEXIS 41049, 2008 WL 2157084

District Court, N.D. Florida | Filed: May 21, 2008 | Docket: 2268219

Cited 1 times | Published

1. Section 626.9541(1)(i), (o), or (x); 2. Section 626.9551; 3. Section 626.9705; 4. Section 626.9706;

Buell v. Direct General Insurance Agency, Inc.

488 F. Supp. 2d 1215, 2007 U.S. Dist. LEXIS 44059

District Court, M.D. Florida | Filed: Jun 6, 2007 | Docket: 2293945

Cited 1 times | Published

insurer: Section 626.9541(1)(i), (o), or (x); Section 626.9551; Section 626.9705; Section 626.9706; Section

MILTON N. WHYNES v. WELLS FARGO BANK, N.A.

240 So. 3d 867

District Court of Appeal of Florida | Filed: Mar 21, 2018 | Docket: 6340892

Published

violation of a consumer protection statute, section 626.9551(1)(d), Florida Statutes (2015), and sought

Sperry Associates Federal Credit Union v. Space Coast Credit Union

877 F. Supp. 2d 1227, 2012 WL 2585188, 2012 U.S. Dist. LEXIS 91831

District Court, M.D. Florida | Filed: Jul 3, 2012 | Docket: 65983178

Published

selected Marrero. Doc. 65, p. 12; Fla. Stat. § 626.9551.21 *1245Plaintiff argues that the Anti-Coercion