SENATE AMENDMENT

    Bill No. SB 1906

    Amendment No. 1   Barcode 152020

                            CHAMBER ACTION
              Senate                               House
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11  The Committee on Banking and Insurance recommended the

12  following amendment:

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14         Senate Amendment (with title amendment) 

15         On page 2, line 27, through page 3, line 11, delete

16  those lines

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18  and insert:

19         Section 2.  Subsection (1) of section 627.901, Florida

20  Statutes, is amended to read:

21         627.901  Premium financing by an insurance agent or

22  agency.--

23         (1)  A general lines agent may make reasonable service

24  charges for financing insurance premiums on policies issued or

25  business produced by such an agent or agency, s. 626.9541

26  notwithstanding.  The service charge shall not exceed $1 per

27  installment, or a $6 total service charge per year, for any

28  premium balance of $120 or less.  For any premium balance

29  greater than $120 but not more than $220, the service charge

30  shall not exceed $9 per year.  The maximum service charge for

31  any premium balance greater than $220 shall not exceed $12 per

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                                                  SENATE AMENDMENT

    Bill No. SB 1906

    Amendment No. 1   Barcode 152020





  1  year.  In lieu of such service charges, an insurance agent or

  2  agency may charge interest or service charges, which may be

  3  level amounts and subject to endorsement changes, that in the

  4  aggregate do not exceed a rate of interest not to exceed 18

  5  percent simple interest per year on the average unpaid balance

  6  as billed over the term of the policy.

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

10  And the title is amended as follows:

11         On page 1, line 7, delete that line

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13  and insert:

14         627.901, F.S.; authorizing insurance agents and

15         insurers that

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