Florida Statute 627.901 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXXVII
INSURANCE

Chapter 627
INSURANCE RATES AND CONTRACTS

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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

Annotations, Discussions, Cases:

Cases Citing Statute 627.901

Total Results: 4

Continental Casualty Co. v. First Financial Employee Leasing, Inc.

716 F. Supp. 2d 1176, 2010 U.S. Dist. LEXIS 55642

District Court, M.D. Florida | Filed: Jun 3, 2010 | Docket: 2404395

Cited 8 times | Published

in excess of the maximum allowed by Fla. Stat. § 627.901). [18] The NCCI Circular indicates the close

Progressive Express Ins. Co. v. Reaume

937 So. 2d 1120, 2006 WL 2088264

District Court of Appeal of Florida | Filed: Jul 28, 2006 | Docket: 1513143

Cited 7 times | Published

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

Smith v. Foremost Ins. Co.

884 So. 2d 341, 2004 WL 2008227

District Court of Appeal of Florida | Filed: Sep 10, 2004 | Docket: 1281775

Cited 2 times | Published

did not exceed the maximum amounts allowed. Section 627.901 of part XVI provides two options for premium

Rader & Associates v. Seward Dredging Co.

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

District Court of Appeal of Florida | Filed: Apr 29, 1966 | Docket: 64496562

Published

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

This Florida statute resource is curated by Graham W. Syfert, Esq., a Jacksonville, Florida personal injury and workers' compensation attorney. Attorney Syfert regularly works with Chapter 627 in the context of insurance coverage law and represents clients throughout Northeast Florida. For legal consultation, call 904-383-7448.