Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 573
Statement of account; receipts
Banking (BNK) CHAPTER 2, ARTICLE 12-B
§ 573. Statement of account; receipts. 1. At any time after its
execution, but not later than one year after the last payment
thereunder, a premium finance agency holding a premium finance agreement
shall, upon written request of the insured, give or mail to him a
written statement of the dates and amounts of payments and the total
amount, if any, unpaid thereunder. Such a statement shall be supplied
once each year without charge; if any additional statement is requested
the premium finance agency shall supply such statement at a charge not
exceeding one dollar for each additional statement so supplied. An
insured shall be given a receipt for a payment when made in cash.

2. After the payment of all sums for which an insured is obligated
under a premium finance agreement, and upon his written demand, the
premium finance agency holding the agreement shall deliver, or mail to
the insured at his last known address such one or more good and
sufficient instruments as may be necessary to acknowledge payment in
full and to release all interests in or rights to the insurance
contracts, the premiums for which are advanced or are to be advanced
under the agreement.