HB 0781 2003
   
1 CHAMBER ACTION
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6          The Committee on Insurance recommends the following:
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8          Committee Substitute
9          Remove the entire bill and insert:
10 A bill to be entitled
11          An act relating to premium finance company application
12    exemptions; amending s. 627.826, F.S.; revising a
13    definition to expand an exemption from application for
14    certain entities to include persons who purchase or
15    acquire premium finance agreements from licensees subject
16    to certain limitations; providing an effective date.
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18          Be It Enacted by the Legislature of the State of Florida:
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20          Section 1. Subsection (2) of section 627.826, Florida
21    Statutes, is amended to read:
22          627.826 "Premium finance company" defined.--
23          (2) The following entities are exempt from the provisions
24    of this part:
25          (a)Credit unions, banks, savings and loan associations,
26    and other lending institutions as defined under chapters 516,
27    657, 658, and 665 or their federally chartered counterparts are
28    exempt from the provisions of this part.
29          (b) Any person who purchases or otherwise acquires premium
30    finance agreements from a licensee if the licensee retains the
31    possession of and legal obligation to service the agreements and
32    collect payments due under the agreements and remains
33    responsible for the premium finance agreements being
34    administered in compliance with this part.
35          Section 2. This act shall take effect upon becoming a law.