(a) A person may not pay any part of an initial service fee or any other fee or charge to an insurance producer, employee of an insurance producer, or to any other person as an inducement to financing an insurance contract with a premium financing company.
(b) An insurance producer, employee of an insurance producer, or any other person may not accept, directly or indirectly, any valuable consideration as an inducement to facilitate an agreement to finance an insurance premium that contains an assignment of or is otherwise secured by the unearned premium or refund obtainable from an insurer on cancellation of an insurance contract.
Structure Maryland Statutes
Subtitle 5 - Prohibited Acts; Penalties
Section 23-501 - Maif Add-on Coverage as Condition of Financing Premium
Section 23-502 - Splitting Fees
Section 23-503 - Inducement to Obtain Multiple Initial Service Fees
Section 23-504 - Excess Charges
Section 23-505 - Failure to Pay Delinquency and Collection Charge