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Code · Maryland · Insurance

§ 23-501.1

87 words·~1 min read·/md/insurance/23-501-1

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§23–501.1.
(a)A premium finance company may not impose any finance charge or other charge on any payment for the purchase price of a motor club service contract.
(b)A premium finance company may not cancel an insurance contract if any payment under the premium finance agreement:
(1)is sufficient to pay the installment due under the premium finance agreement that is related to the insurance contract obligation; but
(2)is not sufficient to cover the amount of the monthly payment for the motor club service contract.
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