SECTION 627.842. Restrictions on premium finance agreements.

Latest version.

1No premium finance agreement or contract ancillary thereto shall contain any provision by which:
15(1) 16In the absence of default of the insured, the premium finance company holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part or all of the amount owing thereunder;
50(2) 51A power of attorney is given to confer any authority to perform any act other than to request cancellation for nonpayment of premium; or
75(3) 76The insured relieves the insurance agent or the premium finance company holding the agreement from liability for any legal rights or remedies which the insured may otherwise have against her or him.

History.-s. 1, ch. 63-16; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 606, 612, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 114, ch. 92-318; s. 370, ch. 97-102.

Bills Cite this Section:

None

Cited by Court Cases:

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