627.8405
Prohibited acts; financing companies.
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627.8405 Prohibited acts; financing companies.—No premium finance company shall, in a premium finance agreement or other agreement, finance the cost of or otherwise provide for the collection or remittance of dues, assessments, fees, or other periodic payments of money for the cost of:
(1) A membership in an automobile club. The term “automobile club” means a legal entity which, in consideration of dues, assessments, or periodic payments of money, promises its members or subscribers to assist them in matters relating to the ownership, operation, use, or maintenance of a motor vehicle; however, this definition of “automobile club” does not include persons, associations, or corporations which are organized and operated solely for the purpose of conducting, sponsoring, or sanctioning motor vehicle races, exhibitions, or contests upon racetracks, or upon racecourses established and marked as such for the duration of such particular events. The words “motor vehicle” used herein have the same meaning as defined in chapter 320.
(2) An accidental death and dismemberment policy sold in combination with a personal injury protection and property damage only policy.
(3) Any product not regulated under the provisions of this insurance code.
This section also applies to premium financing by any insurance agent or insurance company under part XVI. The commission shall adopt rules to assure disclosure, at the time of sale, of coverages financed with personal injury protection and shall prescribe the form of such disclosure.
History.—ss. 604, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 117, ch. 83-216; s. 114, ch. 92-318; s. 21, ch. 93-410; s. 3, ch. 95-424; s. 2, ch. 97-204; s. 16, ch. 2000-370; s. 1223, ch. 2003-261.
Notes of Decisions
Cited in 4
cases, 1997–2014 · leading case: Lemy v. Direct General Finance Co.
Lemy v. Direct General Finance Co. (2012)
“” Hence (Lemy and Hill reason) Direct General and the underwriters violated Section 627.8405, which bars the sale of a finance agreement for “any product not regulated under [the] insurance code.”
CAPITAL NAT. FINANCIAL v. Dept. of Ins. (1997)
“" The Insurance Commissioner accepted the Department's exceptions and concluded that Capital had violated section 627.8405. The Commissioner found that the hearing officer's definition of "financing" was too narrow.”
Gardith S. Lemy v. Direct General Finance Company (2014)
“Finally, the district court considered on the merits plaintiffs’ claim under § 627.8405, Fla. Stat., which does provide a private cause of action for selling an unregulated insurance product.”
Lemy v. Direct General Finance Co. (2012)
“410, which requires a general line insurer to report policy information to the Office of Insurance Regulation (“the Office”); and Section 627.8405, which prohibits the financing of an automobile club membership or of a product “not regulated” by the insurance code.”
— 627.8405(1) — 1 case
CAPITAL NAT. FINANCIAL v. Dept. of Ins. (1997)
“" The Insurance Commissioner accepted the Department's exceptions and concluded that Capital had violated section 627.8405. The Commissioner found that the hearing officer's definition of "financing" was too narrow.”
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