Section 12. No premium finance agency, and no employee of such an agency shall pay, allow or offer to pay or allow in any manner whatsoever to an insurance agent or broker or any employee of an insurance agent or broker, or to any other person, any rebate whatsoever, either from the charge for financing specified in the premium finance agreement or otherwise, or shall give or offer to give any valuable consideration or inducement of any kind directly or indirectly, other than an article of merchandise not exceeding one dollar in value which shall have thereon the advertisement of the premium finance agency; and
A filing of a premium finance agreement shall not be necessary to perfect the validity of such an agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, incumbrancers, successors or assigns of the insured.
Structure Massachusetts General Laws
Part III - Courts, Judicial Officers and Proceedings in Civil Cases
Title IV - Certain Writs and Proceedings in Special Cases
Chapter 255c - Insurance Premium Finance Agencies
Section 2 - Necessity of License
Section 4 - Name and Address of Licensee; Posting of License; Change of Location
Section 5 - Revocation or Suspension of License; Grounds; Surrender of License; Effect
Section 8 - Witnesses; Summoning; Examination; Fees
Section 11 - License Fees of Agents or Brokers; Basis; Application; Subsidiaries
Section 12 - Rebates; Prohibition; Effect of Filing of Premium Finance Agreement
Section 13 - Form of Agreement
Section 14 - Excessive Charges
Section 15 - Delinquency, Collection and Cancellation Charges
Section 16 - Prohibited Provisions in Agreements
Section 17 - Payment in Absence of Notice of Assignment
Section 18 - Statement of Payments and Unpaid Amounts; Full Payment by Insured
Section 19 - Payment in Full Before Maturity; Refund