Senate Bill sb2466er

    ENROLLED

    2003 Legislature                        SB 2466, 1st Engrossed



  1                                 

  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 possession of and the legal obligation to service

25  the agreements and collect payments due under the agreements

26  and remains responsible for the premium finance agreements

27  being administered in compliance with this part.

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

29  law.

30  

31  


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