(1) A premium finance company may purchase or otherwise acquire a premium finance agreement from another premium finance company with recourse against the other premium finance company on such terms and conditions as may be mutually agreed upon.
(2) No filing of an assignment or notice thereof to the insured shall be necessary to the validity of the written assignment of a premium finance agreement as against creditors or subsequent purchasers, pledgees, or encumbrancers of the assignor.
(3) Unless the insured has notice of an actual or intended assignment of a premium finance agreement, payment thereunder by the insured to the last known holder of the agreement shall be binding upon all subsequent holders or assignees.
History.—s. 1, ch. 63-16; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 608, 612, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 118, ch. 83-216; s. 114, ch. 92-318; s. 372, ch. 97-102.
Structure Florida Statutes
Chapter 627 - Insurance Rates and Contracts
Part XV - Premium Finance Companies and Agreements (Ss. 627.826-627.849)
627.826 - “Premium finance company” defined.
627.827 - “Premium finance agreement” defined.
627.829 - Approval, disapproval of application; license renewal.
627.832 - Grounds for refusal, suspension, or revocation of license.
627.835 - Excessive premium finance charge; penalty.
627.836 - Licensee’s books and records; reports.
627.838 - Filing and approval of forms; service charges.
627.839 - Form and content of premium finance agreements.
627.840 - Limitation on service and other charges.
627.8405 - Prohibited acts; financing companies.
627.841 - Delinquency, collection, cancellation, and check return charges; attorney’s fees.
627.842 - Restrictions on premium finance agreements.
627.843 - Delivery of copy of premium finance agreement.
627.844 - Assignment of premium finance agreement.
627.845 - Statement of account; receipts.
627.847 - Extensions or deferrals.