§ 415-B:6 — Form of Premium Finance Agreement

I. A premium finance agreement shall:
(a) Be dated and signed by or on behalf of the insured; and the printed portion of the agreement shall be in at least 8-point type;
(b) Contain the name and place of business of the insurance agent or broker negotiating the related insurance contract; the name and residence or the place of business of the insured as specified by him; the name and place of business of the premium finance company to which payments are to be made; a brief description of the insurance contracts involved and the amount of the premium; and
(c) Set forth the following items where applicable:
(1) The total amount of the premiums,
(2) The amount of the down payment,
(3) The principal balance (the difference between (1) and (2)),
(4) The amount of the interest or discount,
(5) The balance payable by the insured (sum of (3) and (4)), and
(6) The number of installments required, the amount of each installment expressed in dollars, and the due date or period of each installment.
II. The items set out in subparagraph I(c) need not be stated in the sequence or order in which they appear, and additional items may be included to explain the computations made in determining the amount to be paid by the insured.
III. A premium finance agreement may contain any provision not prohibited by this chapter or by order of the commissioner.

Legislative History

1981, 118:1, eff. July 3, 1981.