Florida Statute 627.901 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXVII
INSURANCE

Chapter 627
INSURANCE RATES AND CONTRACTS

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F.S. 627.901

627.901 Premium financing by an insurance agent or agency.—

(1) A general lines agent may make reasonable service charges for financing insurance premiums on policies issued or business produced by such an agent or agency, s. 626.9541 notwithstanding. The service charge shall not exceed $3 per installment. The maximum service charge shall not exceed $36 per year. In lieu of such service charges, an insurance agent or agency, at the sole discretion of such agent or agency, may charge a rate of interest not to exceed 18 percent simple interest per year on:

(a) The unpaid balance; or

(b) The average unpaid balance as billed over the term of the policy and subject to endorsement changes. The interest authorized by this paragraph may be billed in equal installments.

(2) Every such agent or agency engaging in premium financing whose total service charge per year or rate of interest is more than as provided in subsection (1) shall be subject to part XV of this chapter.

History.—s. 2, ch. 63-16; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 3, 5, 6, ch. 80-363; ss. 2, 3, ch. 81-318; ss. 613, 617, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 114, ch. 92-318; s. 5, ch. 2000-365; s. 1, ch. 2002-252; s. 3, ch. 2003-267; s. 3, ch. 2003-281.

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Amendments to 627.901

Arrestable Offenses / Crimes under Fla. Stat. 627.901

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 627.901.

Annotations, Discussions, Cases:

Cases Citing Statute 627.901

Total Results: 3

Progressive Express Ins. Co. v. Reaume

Court: District Court of Appeal of Florida | Date Filed: 2006-07-28

Citation: 937 So. 2d 1120, 2006 WL 2088264

Snippet: premium finance charges in violation of section 627.901, Florida Statutes (2002). Reaume alleged that Progressive

Smith v. Foremost Ins. Co.

Court: District Court of Appeal of Florida | Date Filed: 2004-09-10

Citation: 884 So. 2d 341, 2004 WL 2008227

Snippet: Code parts XV and XVI, sections 627.826-.849 and 627.901-.904, Florida Statutes (1995), respectively. Smith

Rader & Associates v. Seward Dredging Co.

Court: District Court of Appeal of Florida | Date Filed: 1966-04-29

Citation: 185 So. 2d 782, 1966 Fla. App. LEXIS 5306

Snippet: and liabilities of natural persons.’ and Section 627.0901 of the Florida Statutes of 1959 [F.S.A.], which