376                              LAWS OF MARYLAND                      [CH. 141

on insurance contracts and which contains an assignment of or is
otherwise secured by the unearned premium or refund obtainable
from the insurer upon cancellation of the insurance contract. PRO-
VIDED, HOWEVER, ANY INSURANCE PREMIUM FINANCED
IN CONNECTION WITH A TIME SALE OF GOODS OR SERV-
ICES OR AN EXTENSION OF CREDIT WITHOUT CHARGE
BY AN AGENT OR BROKER SHALL NOT BE CONSTRUED
AS A PREMIUM FINANCE AGREEMENT.

(b) A premium finance company is any person who engages in the
business of entering into or accepting premium finance agreements.

486B.

(a)   Every premium finance company shall register as such with
the Commissioner prior to engaging in business in this state as a
premium finance company. Registration forms shall be of such design
and content as is prescribed by the Commissioner and may require
disclosure of the identity, trade names, and the names of officers,
managers, owners and directors. The commissioner shall also require
and designate forms for reporting changes in officers, directors,
owners, trade names, and business addresses. The registration shall
continue in effect and shall automatically be renewed upon receipt by
the Commissioner of the annual registration fee of ten dollars
($10.00) on or before the first day of July of each year.

(b)   Every premium finance company shall maintain records of its
premium finance transactions and the said records shall be open to
examination by the Commissioner.

(c)   No bank, savings bank, trust company, savings and loan asso-
ciation, credit union, industrial finance company, small loan company
or other such organization which is regulated pursuant to the laws of
this state or the United States NOR ANY INSURANCE COMPANY
LICENSED IN MARYLAND WHICH DOES NOT ENGAGE IN
THE INSURANCE FINANCING BUSINESS shall be subject to
the provisions of this subtitle nor shall such organization be required
to register or pay the fee thereof. THEREFOR.

(d)  Insurance INSURERS, agents and brokers who engage in the
business of financing insurance premiums shall register with the
Commissioner as provided herein. but shall not be required to pay

the ten dollar ($10.00) annual registration fee.

486C.

(a)   No person may, unless otherwise authorized by law, charge,
take, receive from, reserve, or impose on an insured or prospective
insured any other or greater charges than are permitted by this
subtitle.

(b)    The maximum rates or charges set forth in Section 486D
(hereinafter called service charges) shall be inclusive of all interest,
fees and charges incident to the premium finance agreement and for
the extension of credit provided thereby. Provided, however, that
delinquency, collection and cancellation charges may be made in ac-
cordance with limitations of Section 486E.

486D.

(a) The service charge shall be computed on the balance of pre-
miums due, after subtracting any down payment made by the insured,