Maryland Statutes
Insurance
Title 23 - Premium Financing

Subtitle 1 - Definitions; General Provisions

Section 23-101 - Definitions - (a) In this title the following words have the meanings...

Section 23-102 - Scope of Title - No bank, savings bank, trust company, savings and loan association,...

Section 23-103 - Investigations and Examinations - (a) The Commissioner may conduct investigations and examine the books,...

Subtitle 2 - Registration

Section 23-201 - Registration Required - (a) A premium finance company must register with the Commissioner...

Section 23-202 - Financial Requirements - (a) To engage in business as a premium finance company...

Section 23-203 - Applications for Registration - (a) An applicant for initial registration shall: (1) file with...

Section 23-204 - Issuance or Denial of Registration - (a) When an applicant complies with the filing requirements and...

Section 23-205 - Term and Renewal of Registration - (a) A registration expires on the first July 1 after...

Section 23-206 - Change of Information - (a) The Commissioner shall require a premium finance company to...

Section 23-207 - Records - Each premium finance company: (1) shall maintain records of its...

Section 23-208 - Denials, Suspensions, Revocations, and Refusals to Renew; Penalties; Responsibility for Acts of Third Parties - (a) Subject to the hearing provisions of Title 2 of...

Section 23-209 - Surrender of Registration - (a) A registrant may surrender a registration by delivering to...

Section 23-210 - Effect of Revocation, Suspension, or Surrender - Suspension, revocation, or surrender of a registration does not affect...

Subtitle 3 - Premium Finance Agreements; Charges and Fees

Section 23-301 - Requirements for Premium Finance Agreements - (a) (1) A premium finance agreement shall be dated and...

Section 23-301.1 - Additional Inclusions - In addition to financing the premium of a surplus lines...

Section 23-301.2 - Assignment of Rights; Use as Collateral - (a) (1) With respect to private passenger motor vehicle insurance...

Section 23-302 - Copies of Premium Finance Agreements - (a) A copy of each premium finance agreement or other...

Section 23-302.1 - Financing Additional Premium - (a) An insured may finance an additional premium if: (1)...

Section 23-302.2 - Notice of Additional Premium - If an insurer receives notice of a financed insurance premium,...

Section 23-303 - Maximum Charges - (a) The maximum charges stated in §§ 23-304 and 23-305...

Section 23-304 - Finance Charge - (a) The finance charge shall be computed: (1) on the...

Section 23-305 - Initial Service Fee - (a) A premium finance company may charge an initial service...

Section 23-306 - Delinquency and Collection Charge - (a) A premium finance agreement may require the insured to...

Section 23-307 - Cancellation Charge; Reinstatement Charge - (a) Except as provided in subsection (d) of this section,...

Section 23-307.1 - Electronic Payment Fee - (a) (1) In this section the following words have the...

Section 23-308 - Dishonored Check Fee - A premium finance company may charge a dishonored check fee,...

Section 23-309 - Fee for Obtaining Clue Report - A premium finance company may not charge an insured or...

Section 23-310 - Perfection of Premium Finance Agreement as Secured Transaction - Filing of a premium finance agreement is not needed to...

Section 23-311 - Reinstatement of Policy -- Payment of Fee - A premium finance company is not required to reinstate a...

Subtitle 4 - Cancellation of Insurance Contract Under Power of Attorney

Section 23-401 - Compliance With Subtitle Required - When in connection with a premium finance agreement a power...

Section 23-401.1 - Notice to Insured - (a) Subject to subsection (b) of this section, at the...

Section 23-402 - Notice of Intent to Cancel - (a) At least 10 days before canceling an insurance contract,...

Section 23-403 - Cancellation of Insurance Contract - (a) (1) After the end of the notice period under...

Section 23-403.1 - Effect of Dishonored Down Payment - If, within 15 business days after the date of written...

Section 23-404 - Notice to Third Parties of Cancellation - (a) All statutory, regulatory, and contractual restrictions that provide that...

Section 23-405 - Return of Premium After Cancellation - (a) (1) Notwithstanding any other provision of this article, when...

Section 23-406 - Limitation on Collection After Cancellation - Whenever an insurance contract is canceled in accordance with this...

Subtitle 5 - Prohibited Acts; Penalties

Section 23-501 - Maif Add-on Coverage as Condition of Financing Premium - A premium finance company, or an insurance producer, if applicable,...

Section 23-501.1 - Finance or Other Charge or Cancellation Related to Motor Club Service Contracts Prohibited - (a) A premium finance company may not impose any finance...

Section 23-502 - Splitting Fees - (a) A person may not pay any part of an...

Section 23-503 - Inducement to Obtain Multiple Initial Service Fees - A premium finance company may not induce an insured to...

Section 23-504 - Excess Charges - Unless otherwise authorized by law, a person may not charge,...

Section 23-505 - Failure to Pay Delinquency and Collection Charge - The holder of a power of attorney may not cancel...

Section 23-505.1 - Commercial Automobile, Fire, or Liability Insurance -- Discrimination Against Premium Finance Company - An insurer that markets through independent insurance producers as defined...

Section 23-505.2 - Commercial Automobile, Fire, or Liability Insurance -- Discrimination Against Premium Financing; Disclosure of Interest in Motor Club - (a) An insurer that markets through independent insurance producers as...

Section 23-506 - Criminal Penalty - In addition to any other applicable administrative or civil penalty,...