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§ 23-501.1. Finance charges and cancellation of motor club service contracts

West's Annotated Code of MarylandInsuranceEffective: July 1, 2013

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 23. Premium Financing
Subtitle 5. Prohibited Acts; Penalties (Refs & Annos)
Effective: July 1, 2013
MD Code, Insurance, § 23-501.1
§ 23-501.1. Finance charges and cancellation of motor club service contracts
Currentness
Finance charges
(a) A premium finance company may not impose any finance charge or other charge on any payment for the purchase price of a motor club service contract.
Cancellation for insufficient payments
(b) A premium finance company may not cancel an insurance contract if any payment under the premium finance agreement:
(1) is sufficient to pay the installment due under the premium finance agreement that is related to the insurance contract obligation; but
(2) is not sufficient to cover the amount of the monthly payment for the motor club service contract.

Credits

Added by Acts 2013, c. 334, § 1, eff. July 1, 2013.
MD Code, Insurance, § 23-501.1, MD INSURANCE § 23-501.1
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document