6-1403. Exemptions
A. The licensing requirements of this article do not apply to:
1. Any savings and loan association, bank, savings bank, trust company, consumer lender or credit union authorized to do business in this state.
2. Any agent or broker licensed by the department of insurance who allows an insured to pay premiums on policies written by the agent or broker in installments if the agent or broker receives no interest or other fee, except that an agent or broker may collect a service charge of not more than five per cent of the total premium amount and a delinquency charge as provided in section 6-1413.
3. Any person who purchases or otherwise acquires premium finance agreements from a licensee if the licensee retains the right to service the agreements and to collect payments due under the agreements and remains responsible for the premium finance agreement being handled in compliance with this article.
4. Any insurer authorized to transact insurance in this state in connection with the issuance of premium finance agreements relating to commercial insurance policies issued by the insurer.
B. The exemption from licensing as provided in subsection A of this section does not authorize the financing of insurance premiums without compliance with the other requirements of this article.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.