§ 18605
152 words·~1 min read·
/ca/financial-code/18605A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A premium finance agreement shall be in writing and the printed portion thereof shall be in at least eight-point type. The agreement shall set forth:
1. The names and addresses of the insured and the company, and the date of the agreement.
2. A description of the insurance contracts for which the premiums are advanced including the total amount of the premiums and fees and a specific breakdown thereof by policies and a general description of coverages.
3. The amount of the downpayment.
4. The cost, if any, for credit life insurance.
5. The principal balance.
6. The finance charges.
7. The unpaid balance.
8. The due date of the first installment.
9. The number, amount and frequency of payment of the installments.
10. A statement that the insured may prepay the full amount due and receive a refund credit of the unearned finance charge, in the manner provided by Section 18629.