Chapter 59A — Insurance Premium Finance Company Act

59A.01 Citation This section names this set of laws as the 'Insurance Premium Finance Company Act.' It covers sections 59A.01 through … 59A.02 Definitions This section defines key terms used in the insurance premium finance laws, including 'insurance premium finance … 59A.03 Licenses; Penalty This section requires companies that finance insurance premiums to get a license from the commissioner of commerce. … 59A.04 Action by Commissioner on Application This section describes how the commissioner reviews license applications for premium finance companies. The commissioner … 59A.05 Revocation and Suspension of Licenses This section gives the commissioner the power to revoke, suspend, or refuse to renew a premium finance company's license … 59A.06 Books and Records This section requires licensed premium finance companies to keep records of all transactions, preserve them for at least … 59A.07 Power to Make Rules This section gives the commissioner the authority to create rules needed to carry out the insurance premium finance … 59A.08 Premium Finance Agreements This section sets out what must be included in a premium finance agreement. It requires clear disclosure of premiums, … 59A.09 Maximum Finance Charge This section caps the finance charges that premium finance companies can charge for personal insurance. The rate cannot … 59A.10 Default Charges This section limits what a premium finance company can charge you if you miss a payment. Late fees cannot be more than … 59A.11 Cancellation of Insurance Contract Upon Default This section explains how a premium finance company can cancel your insurance if you miss payments. They must give you … 59A.12 Application of Unearned Premiums This section requires insurers to return unearned premiums to the premium finance company within 30 days after a … 59A.13 Exemption From Filing This section says that premium finance agreements do not need to be filed or recorded with any government office to be … 59A.14 This section has been repealed and is no longer in effect. 59A.15 Applicability of Chapter 14 This section states that the Administrative Procedure Act (chapter 14) applies to the insurance premium finance laws, …