Ch. 211

2004 LAWS OF MARYLAND

CHAPTER 211
(House Bill 941)

AN ACT concerning

Insurance - Premium Financing - Electronic Payment Fee

FOR the purpose of requiring a premium finance agreement to include a certain
disclosure under certain circumstances; authorizing a premium finance
agreement to require the insured to pay an electronic payment fee if the insured
elects to pay the premium finance company by means of an electronic payment;
limiting the amount to be charged as an electronic payment fee; providing for
the application of this Act; and generally relating to insurance premium
financing.

BY repealing and reenacting, with amendments,
Article - Insurance
Section 23-301(b) and 23-303
Annotated Code of Maryland
(2002 Replacement Volume and 2003 Supplement)

BY adding to

Article - Insurance

Section 23-307.1

Annotated Code of Maryland

(2002 Replacement Volume and 2003 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Insurance

23-301.

(b) A premium finance agreement shall contain:

(1)     the name and place of business of the insurance producer negotiating
the related insurance contract;

(2)     the name and residence or place of business of the insured as
specified by the insured;

(3)     the name and place of business of the premium finance company to
which payments may be made;

(4)     a brief description of the insurance contracts involved and the
amount of the premium; and

(5)     if applicable, the following items:

- 796 -