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Current as of January 01, 2023 | Updated by FindLaw Staff
No premium finance agreement or contract ancillary thereto shall contain any provision by which:
(1) In the absence of default of the insured, the premium finance company holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part or all of the amount owing thereunder;
(2) A power of attorney is given to confer any authority to perform any act other than to request cancellation for nonpayment of premium; or
(3) The insured relieves the insurance agent or the premium finance company holding the agreement from liability for any legal rights or remedies which the insured may otherwise have against her or him.
Cite this article: FindLaw.com - Florida Statutes Title XXXVII. Insurance § 627.842. Restrictions on premium finance agreements - last updated January 01, 2023 | https://codes.findlaw.com/fl/title-xxxvii-insurance/fl-st-sect-627-842/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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