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§ 23-307.1. Electronic payments

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

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 23. Premium Financing
Subtitle 3. Premium Finance Agreements; Charges and Fees (Refs & Annos)
Effective: July 1, 2013
MD Code, Insurance, § 23-307.1
§ 23-307.1. Electronic payments
Currentness
Definitions
(a)(1) In this section the following words have the meanings indicated.
(2)(i) “Electronic check” means a form of payment in which a fund transfer is made electronically from a payer's bank account to a premium finance company's bank account.
(ii) “Electronic check” does not include a written check that is delivered to a premium finance company or an agent by hand delivery, regular mail, or other form of personal delivery.
(3) “Electronic payment” includes payment by credit card, debit card, or electronic check.
Electronic payment fee
(b) A premium finance agreement may require the insured to pay an electronic payment fee if the insured elects to pay a premium finance company by means of an electronic payment.
Fee for actual expenses incurred
(c) A premium finance company may charge an electronic payment fee, which may not exceed $8, for actual expenses incurred by the premium finance company for the electronic payment.

Credits

Added by Acts 2004, c. 211, § 1, eff. Oct. 1, 2004. Amended by Acts 2013, c. 334, § 1, eff. July 1, 2013.
MD Code, Insurance, § 23-307.1, MD INSURANCE § 23-307.1
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.
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