Massachusetts · statute · Mass. Gen. Laws ch. 255C · 22 active provisions
Section 1. In this chapter unless the context otherwise requires, the following words shall have the following meanings: 1. ''Insurance agent'' and ''insurance broker'', respectively, an insurance agent or insurance broker duly licensed as such under chapter one hundred and seventy-five. 2. ''Person'', an individual, c…
Section 2. No person, except a credit union, a bank as defined in section 1 of chapter 167, a national banking association, or a federal savings and loan association, a federal savings bank, a sales finance company as defined in section 1 of chapter 255B, and a company licensed to carry on the business of making small…
Section 3. Each application for a license to engage in the business of a premium finance agency shall be in writing and in the form prescribed by the commissioner, and shall be accompanied by an investigation fee to be determined annually by the commissioner of administration under the provision of section three B of t…
Section 4. Such license shall state the name and address of the licensee. Such license shall be conspicuously posted in the specified office of the licensee and shall not be transferable, except as hereinafter provided, or assignable. Before any licensee changes such office from one location to another he shall give wr…
Section 5. The commissioner may forthwith revoke or suspend any license issued under this chapter if he finds after a hearing that: (a) the licensee has violated any provision of this chapter or any rule or regulation lawfully made thereunder by the commissioner; (b) the existence of any fact or condition which, if it…
Section 6. The commissioner may prescribe from time to time such rules and regulations as he deems necessary and proper for carrying out the provisions of this chapter including, but not limited to, the granting of licenses and the renewal thereof, the conduct of examinations and investigations and the keeping of recor…
Section 8. In conducting any hearing or investigation pursuant to the provisions of this chapter, the commissioner, or any person duly designated by him, shall have the power at all times to subpoena witnesses; to take depositions of witnesses residing without the state, in the manner provided for in civil actions in c…
Section 9. Whoever violates any provision of this chapter, or knowingly makes any incorrect statement of a material fact in any application, report or statement filed pursuant to this chapter, or knowingly omits to state any material fact necessary to give the commissioner any information lawfully required by him or re…
Section 11. The fee for an insurance agent or an insurance broker in his application for a license under section three shall be determined annually by the commissioner of administration under the provision of section three B of chapter seven and shall be based upon the aggregate unpaid balance of all premium finance ag…
Section 12. No premium finance agency, and no employee of such an agency shall pay, allow or offer to pay or allow in any manner whatsoever to an insurance agent or broker or any employee of an insurance agent or broker, or to any other person, any rebate whatsoever, either from the charge for financing specified in th…
Section 13. A premium finance agreement shall be in writing on a form approved by the commissioner and shall comply with the provisions of this chapter.
Section 14. A premium finance agency shall not, except as otherwise provided by law, take or receive from an insured greater charges than are provided by section one hundred and sixty-two B of chapter one hundred and seventy-five, and the regulations issued thereunder, which charges shall commence as of the date from w…
Section 14A. In the event the charge or any portion thereof for life insurance under a policy issued pursuant to clause (c) of the first paragraph of section one hundred and thirty-three of chapter one hundred and seventy-five or for accident and health insurance under a policy issued pursuant to clause (j) of the firs…
Section 15. A premium finance agreement may provide for the payment by the insured of a delinquency, collection and cancellation charge as provided in section one hundred and sixty-two B of chapter one hundred and seventy-five, and the regulations issued thereunder, and for the assessment and collection of a charge, no…
Section 16. No premium finance agreement shall contain any provision whereby (a) in the absence of default of the insured, the premium finance agency holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part or all of the amount owing thereunder; (b) a power of attorney is…
Section 17. Unless the insured has notice of actual or intended assignment of a premium finance agreement, payment thereunder by him to the last known holder of the agreement shall be binding upon all subsequent holders or assignees.
Section 18. At any time after its execution, but not later than one year after the last payment thereunder, a premium finance agency holding a premium finance agreement shall, upon written request of the insured, give or mail to him a written statement of the dates and amounts of payments and the total amount, if any,…
Section 19. Notwithstanding the provisions of any premium finance agreement to the contrary, any insured may pay it in full at any time before maturity of the final installment of the balance thereof, and in so paying such balance shall receive a refund credit thereon for such anticipation. Such refund credit shall be…
Section 20. A premium finance agency may, upon agreement with the insured, extend the scheduled due date or defer the scheduled due date or defer the scheduled payment of all or of any part of any instalment or instalments payable thereunder. The agreement for such extension or deferment must be in writing and signed b…
Section 21. Upon the cancellation of an insurance contract the insured shall be entitled to a refund of the finance charges, such refund to be computed on a method which is at least as favorable to the insured as the actuarial method, so-called, from the effective date of cancellation irrespective of the time when the…
Section 22. This chapter shall not affect the inclusion of a charge for insurance on a bona fide sale of property, goods or services on instalments, nor shall it apply to insurance premiums financed at not more than six dollars per one hundred dollars per annum including all fees and charges of every name, nature and d…
Section 23. A transaction subject to the provisions of this chapter shall also be subject to the provisions of chapter one hundred and forty D and a premium finance agency subject to the provisions of this chapter shall be subject to the provisions of said chapter one hundred and forty D and in the event of a conflict…