A premium finance company may not induce an insured to enter into more than one premium finance agreement in order to obtain more than one initial service fee.
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