Wash. Rev. Code § 48.56.010
Short title
This chapter shall be known and may be cited as "The Insurance Premium Finance Company Act".
Revised Code of Washington Chapter 48.56 — Insurance Premium Finance Company Act
Washington · statute · Wash. Rev. Code ch. 48.56 · 14 active provisions
Wash. Rev. Code § 48.56.020
Definitions
As used in this chapter:(1) "Insurance premium finance company" means a person engaged in the business of entering into insurance premium finance agreements.(2) "Premium finance agreement" means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or t…
Wash. Rev. Code § 48.56.030
License—Required—Fees—Information to be furnished—Penalty
(1) No person shall engage in the business of financing insurance premiums in the state without first having obtained a license as a premium finance company from the commissioner. Any person who shall engage in the business of financing insurance premiums in the state without obtaining a license as provided hereunder s…
Wash. Rev. Code § 48.56.040
Investigation of applicant—Qualifications—Hearing
(1) Upon the filing of an application and the payment of the license fee the commissioner shall make an investigation of each applicant and shall issue a license if the applicant is qualified in accordance with this chapter. If the commissioner does not so find, he or she shall, within thirty days after he or she has r…
Wash. Rev. Code § 48.56.050
Revocation, suspension, or refusal to renew
(1) The commissioner may revoke or suspend the license of any premium finance company when and if after investigation it appears to the commissioner that—(a) any license issued to such company was obtained by fraud,(b) there was any misrepresentation in the application for the license,(c) the holder of such license has…
Wash. Rev. Code § 48.56.060
Records
(1) Every licensee shall maintain records of its premium finance transactions and the said records shall be open to examination and investigation by the commissioner. The commissioner may at any time require any licensee to bring such records as he or she may direct to the commissioner's office for examination.(2) Ever…
Wash. Rev. Code § 48.56.070
Rules and regulations
The commissioner shall have authority to make and enforce such reasonable rules and regulations as may be necessary in making effective the provisions of this chapter, but such rules and regulations shall not be contrary to nor inconsistent with the provisions of this chapter.
Wash. Rev. Code § 48.56.080
Premium finance agreement
(1) A premium finance agreement shall:(a) Be dated, signed by or on behalf of the insured, and the printed portion thereof shall be in at least eight point type;(b) Contain the name and place of business of the insurance producer negotiating the related insurance contract, the name and residence or the place of busines…
Wash. Rev. Code § 48.56.090
Service charge
(1) A premium finance company shall not charge, contract for, receive, or collect a service charge other than as permitted by this chapter.(2) The service charge is to be computed on the balance of the premiums due (after subtracting the down payment made by the insured in accordance with the premium finance agreement)…
Wash. Rev. Code § 48.56.100
Delinquency charge—Cancellation charge
A premium finance agreement may provide for the payment by the insured of a delinquency charge of one dollar to a maximum of five percent of the delinquent installment that is in default for a period of five days or more except that if the loan is primarily for personal, family, or household purposes the delinquency ch…
Wash. Rev. Code § 48.56.110
Cancellation of insurance contract
(1) When a premium finance agreement contains a power of attorney enabling the premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be canceled by the premium finance company unless such cancellation is effectuated in accordance wit…
Wash. Rev. Code § 48.56.120
Cancellation of insurance contract—Return of unearned premiums
(1) Whenever a financed insurance contract is canceled, the insurer shall return whatever gross unearned premiums are due under the insurance contract to the premium finance company for the account of the insured or insureds.(2) In the event that the crediting of return premiums to the account of the insured results in…
Wash. Rev. Code § 48.56.130
Filing of agreement
No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrancers, successors, or assigns.
Wash. Rev. Code § 48.56.900
Effective date—1969 ex.s. c 190
This act is necessary for the immediate preservation of the public peace, health and safety, the support of the state government and its existing public institutions, and shall take effect on the sixtieth day following passage by the legislature and submission to the governor for action.