364.115. Premium finance agreement, requirements, contents.

199 words·~1 min read·/mo/chapter-364/364-115

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364.115. Premium finance agreement, requirements, contents. — A premium finance agreement shall:

(1)Be dated and signed by or on behalf of the insured, and the printed portion thereof shall be in at least eight point type;

(2)Contain the name and place of business of the insurance agent or broker negotiating the related insurance contract, the name and residence or place of business of the insured, the name and place of business of the premium finance company to which payments are to be made, a brief description of the insurance contracts involved and the amount of the premium; and

(3)Set forth the following items, where applicable:

(a)The total amount of the premium;

(b)The amount of the down payment;

(c)The principal balance, meaning the difference between the amounts stated under paragraphs

(a)and

(b)of this subdivision;

(d)The amount of the interest or discount;

(e)The balance payable by the insured, meaning the sum of amounts stated under paragraphs

(c)and

(d)of this subdivision; and

(f)The number of installments required, the amount of each installment expressed in dollars, and the due date or period thereof.

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(L. 1984 S.B. 686 § 4)