627.826
“Premium finance company” defined.
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627.826 “Premium finance company” defined.—
(1) An “insurance premium finance company” is:
(a) A person engaged, in whole or in part, in the business of entering into premium finance agreements with insureds; or
(b) A person engaged, in whole or in part, in the business of acquiring premium finance agreements from other premium finance companies.
(2) The following entities are exempt from the provisions of this part:
(a) Credit unions, banks, savings and loan associations, and other lending institutions as defined under chapters 516, 657, 658, and 665 or their federally chartered counterparts.
(b) Any person who purchases or otherwise acquires premium finance agreements from a licensee if the licensee retains the possession of and the legal obligation to service the agreements and collect payments due under the agreements and remains responsible for the premium finance agreements being administered in compliance with this part.
(3) The inclusion of a charge for insurance on a bona fide sale of goods or services on installments is not subject to the provisions of this part.
History.—s. 1, ch. 63-16; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 166, ch. 79-164; s. 431, ch. 81-259; ss. 2, 3, ch. 81-318; ss. 594, 612, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 204, ch. 92-303; s. 114, ch. 92-318; s. 1, ch. 2003-152.
Notes of Decisions
Cited in 3
cases, 1995–2012 · leading case: Beacon Finance, Inc. v. Department of Insurance, State of Florida
Beacon Finance, Inc. v. Department of Insurance, State of Florida (1995)
“Beacon is not an insurer but, rather, a premium finance company separately regulated under chapter 627 and separately defined in section 627.826, Florida Statutes. Further evidence of the hearing officer’s reliance on the provisions of chapter 624 is her consistent reference to…”
Smith v. Foremost Ins. Co. (2004)
“§ 627.826. The trial court ruled, and appellees Foremost and American Federation maintain, that the fees charged to administer Smith's installment premium payments were not subject to the premium financing statutes because they did not constitute an "advancement of funds or…”
Security Life of Denver Insurance v. Shah (2012)
“” Fla. Stat. § 627.826 (l)(a). Significantly, “no person shall engage in the business of a premium finance company unless licensed by the office [of Insurance Regulation of the Financial Services Commission.”
— 627.826(1) — 1 case
Beacon Finance, Inc. v. Department of Insurance, State of Florida (1995)
“Beacon is not an insurer but, rather, a premium finance company separately regulated under chapter 627 and separately defined in section 627.826, Florida Statutes. Further evidence of the hearing officer’s reliance on the provisions of chapter 624 is her consistent reference to…”
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