Section 16. No premium finance agreement shall contain any provision whereby
(a) in the absence of default of the insured, the premium finance agency holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part or all of the amount owing thereunder;
(b) a power of attorney is given to confess judgment in this commonwealth; or
(c) the insured relieves the insurance agent or broker or the premium finance agency holding the agreement from liability for any legal rights or remedies which the insured may otherwise have against him.
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