SENATE AMENDMENT

    Bill No. CS for SB 312, 2nd Eng.

    Amendment No.    

                            CHAMBER ACTION
              Senate                               House
                                   .
                                   .
 1                                 .
                                   .
 2                                 .
                                   .
 3                                 .
                                   .
 4                                                                

 5

 6

 7

 8

 9

10                                                                

11  Senator Lee moved the following amendment to amendment

12  (524683):

13

14         Senate Amendment (with title amendment) 

15         On page 1, lines 22-28, delete those lines

16

17  and insert:  insurance under which a creditor is the primary

18  beneficiary and policyholder and which protects or covers an

19  interest of the creditor arising out of a credit transaction

20  secured by real or personal property. Initiation of such

21  coverage is triggered by the mortgagor's failure to maintain

22  insurance coverage as required by the mortgage or other

23  lending document. Collateral protection insurance is not

24  residential coverage.

25         Section 2.  Paragraphs (e) and (f) of subsection (1) of

26  section 626.321, Florida Statutes, 1998 Supplement are amended

27  to read:

28         626.321  Limited licenses.--

29         (1)  The department shall issue to a qualified

30  individual, or a qualified individual or entity under

31  paragraphs (c), (d), and (e), a license as agent authorized to

                                  1
    11:58 PM   04/29/99                              s0312.bi23.aa




                                                  SENATE AMENDMENT

    Bill No. CS for SB 312, 2nd Eng.

    Amendment No.    





 1  transact a limited class of business in any of the following

 2  categories:

 3         (e)  Credit life or disability insurance.--License

 4  covering only credit life or disability insurance.  The

 5  license may be issued only to an individual employed by a life

 6  or health insurer as an officer or other salaried or

 7  commissioned representative, or to an individual employed by

 8  or associated with a lending or financing institution or

 9  creditor, and may authorize the sale of such insurance only

10  with respect to borrowers or debtors of such lending or

11  financing institution or creditor.  However, only the

12  individual or entity whose tax identification number is used

13  in receiving or is credited with receiving the commission from

14  the sale of such insurance shall be the licensed agent of the

15  insurer.  No individual while so licensed shall hold a license

16  as an agent or solicitor as to any other or additional kind or

17  class of life or health insurance coverage.  An entity other

18  than a lending or financial institution defined in s. 626.988

19  holding a limited license under this paragraph shall also be

20  authorized to sell credit property insurance. An entity

21  applying for a license under this section:

22         1.  Is required to submit only one application for a

23  license under s. 626.171.

24         2.  Is required to obtain a license for each office,

25  branch office, or place of business making use of the entity's

26  business name by applying to the department for the license on

27  a simplified form developed by rule of the department for this

28  purpose.

29         3.  Is not required to pay any additional application

30  fees for a license issued to the offices or places of business

31  referenced in subsection (2), but is required to pay the

                                  2
    11:58 PM   04/29/99                              s0312.bi23.aa




                                                  SENATE AMENDMENT

    Bill No. CS for SB 312, 2nd Eng.

    Amendment No.    





 1  license fee as prescribed in s. 624.501, be appointed under s.

 2  626.112, and pay the prescribed appointment fee under s.

 3  624.501. The license obtained under this paragraph shall be

 4  posted at the business location for which it was issued so as

 5  to be readily visible to prospective purchasers of such

 6  coverage.

 7         (f)  Credit insurance.--License covering only credit

 8  insurance, as such insurance is defined in s. 624.605(1)(i),

 9  and no individual or entity so licensed shall, during the same

10  period, hold a license as an agent or solicitor as to any

11  other or additional kind of life or health insurance with the

12  exception of credit life or disability insurance as defined in

13  paragraph (e). The same licensing provisions as outlined in

14  paragraph (e) apply to entities licensed as credit insurance

15  agents under this paragraph.

16

17  (Redesignate subsequent sections.)

18

19

20  ================ T I T L E   A M E N D M E N T ===============

21  And the title is amended as follows:

22         On page 2, line 8, after the semicolon

23

24  insert:

25         amending s. 626.321, F.S.; providing

26         requirements for limited licenses for credit

27         life or disability insurance and credit

28         insurance;

29

30

31

                                  3
    11:58 PM   04/29/99                              s0312.bi23.aa