§ 23-206
151 words·~1 min read·
/md/insurance/23-206A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§23–206.
(a)The Commissioner shall require a premium finance company to report, on forms provided by the Commissioner, changes in officers, directors, owners, trade names, principals, partners, business addresses, and telephone numbers within 30 days after a change occurs.
(1)A premium finance company shall file all changes to:
(i)the form of the premium finance agreement used by the premium finance company; and
(ii)the finance charge, initial service fee, and any other fees and charges applied by the premium finance company.
(2)A premium finance company may not use a premium finance agreement form or apply a fee or charge unless the filing required under paragraph
(1)of this subsection is approved by the Commissioner.
(3)A premium finance company shall disclose to the Commissioner, on written request, the method or formula used to calculate the finance charges and amount of refund on cancellation of the insurance contract.