Senate Bill sb2466

    Florida Senate - 2003                                  SB 2466

    By Senator Diaz de la Portilla





    36-1436-03                                          See HB 781

  1                      A bill to be entitled

  2         An act relating to premium finance company

  3         application exemptions; amending s. 627.826,

  4         F.S.; revising a definition to expand an

  5         exemption from application for certain entities

  6         to include persons who purchase or acquire

  7         premium finance agreements from licensees

  8         subject to certain limitations; providing an

  9         effective date.

10  

11  Be It Enacted by the Legislature of the State of Florida:

12  

13         Section 1.  Subsection (2) of section 627.826, Florida

14  Statutes, is amended to read:

15         627.826  "Premium finance company" defined.--

16         (2)  The following entities are exempt from the

17  provisions of this part:

18         (a)  Credit unions, banks, savings and loan

19  associations, and other lending institutions as defined under

20  chapters 516, 657, 658, and 665 or their federally chartered

21  counterparts are exempt from the provisions of this part.

22         (b)  Any person who purchases or otherwise acquires

23  premium finance agreements from a licensee if the licensee

24  retains the right to service the agreements and collect

25  payments due under the agreements and remains responsible for

26  the premium finance agreements being administered in

27  compliance with this part.

28         Section 2.  This act shall take effect upon becoming a

29  law.

30  

31  

                                  1

CODING: Words stricken are deletions; words underlined are additions.