Fla. Stat. » 627

627.901

Premium financing by an insurance agent or agency.

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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.
Notes of Decisions
Cited in 5 cases, 2003–2010 · leading case: Restaurant Development, Inc. v. Cananwill, Inc.
Sort: Relevance Newest Treatment
Restaurant Development, Inc. v. Cananwill, Inc. (2003) wash “§ 5-2-201 (West 2002) (consumer credit); Fla. Stat. Ann. § 627.901 (West 2003) (premium financing); Ind.”
Progressive Express Ins. Co. v. Reaume (2006) fladistctapp · cites it 3× “Michelle Reaume sued her insurer, Progressive Express Insurance Company, alleging that Progressive collected unlawful and excessive premium finance charges in violation of section 627.901, Florida Statutes (2002).”
Continental Casualty Co. v. First Financial Employee Leasing, Inc. (2010) flmd · cites it 2× “2d DCA 2006) (requiring exhaustion of a challenge to a premium discount approved by OIR as a financing charge in excess of the maximum allowed by Fla. Stat. § 627.901 ). 18 .The NCCI Circular indicates the close connection between FCCPAP and rates by noting that, because the…”
Smith v. Foremost Ins. Co. (2004) fladistctapp · cites it 5× “Section 627.901 of part XVI provides two options for premium financing by an insurance agent or agency: a general lines agent may charge either (1) a maximum service charge of
per installment or a total of - per year depending on the amount of the premium balance or (2)…”
Shelly Lapenna v. Government Employees Insurance (2009) ca11 · cites it 5× “PER CURIAM: Shelly LaPenna, Melinda Tackett and Tonya Jemison (collectively “Appellants”) appeal the district court’s entry of summary judgment in favor of Government Employees Insurance Company, Geico Indemnity Company, Geico General Insurance Company and Geico Casualty Company…”
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This Florida statute resource is curated by the lawyer who curates this resource, a Jacksonville, Florida personal injury and workers' compensation attorney (Florida Bar No. 39104). Attorney Syfert regularly handles Chapter 627 matters in the context of insurance coverage law and represents clients throughout Northeast Florida. For legal consultation, call 904-383-7448.