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Pennsylvania Statutes Title 40 P.S. Insurance § 3303. License required

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(a) General rule.  No person shall engage in the business of an insurance premium finance company in this Commonwealth without first being so licensed by the commissioner.  Any solicitation or communication, verbal or written, offering an insurance premium finance agreement and originating outside this Commonwealth but forwarded to and received in Pennsylvania by a resident of Pennsylvania shall be construed as doing business within this Commonwealth.

(b) Fee.  The annual license fee shall be $200.  Licenses may be renewed from year to year as of July 1 of each year upon payment of the fee of $200.  The fee for the license shall be paid to the Insurance Commissioner.

(c) Disclosure by applicant.  The commissioner shall have authority, at any time, to require the applicant fully to disclose the identity of all stockholders, partners, officers and employees and he may, in his discretion, refuse to issue or renew a license in the name of any firm, partnership or corporation if he is not satisfied that any officer, employee, stockholder or partner thereof who may materially influence the applicant's conduct meets the standards of this act.

(d) Exemption from coverage under this act.  The following persons, when engaged in the business of an insurance premium finance company subject to the provisions of this act, shall not be required to obtain a license under this section and shall be exempt from the provisions of this act:

(1) Banks, bank and trust companies and savings banks which are Federally chartered or chartered by the Commonwealth of Pennsylvania.

(2) Savings and loan associations which are Federally chartered or chartered by the Commonwealth of Pennsylvania.

(3) Consumer discount companies licensed by the Commonwealth under the terms of the act of April 8, 1937 (P.L. 262, No. 66), known as the Consumer Discount Company Act.  1

(4) Insurance companies, associations or exchanges authorized to do an insurance business in this Commonwealth under the terms of the act of May 17, 1921 (P.L. 682, No. 284), known as The Insurance Company Law of 1921,  2 which engage in the financing of their own sales.

(5) Secondary mortgage loan companies licensed by this Commonwealth under terms of the act of December 12, 1980 (P.L. 1179, No. 219), known as the Secondary Mortgage Loan Act.  3

(6) Credit unions which are Federally chartered or chartered by the Commonwealth of Pennsylvania.

(7) Sales finance companies licensed under the act of June 28, 1947 (P.L. 1110, No. 476), known as the Motor Vehicle Sales Finance Act.  4

(8) Holders of retail installment contracts or installment accounts executed, incurred or entered into by a retail buyer in conformity with the act of October 28, 1966 (1st Sp.Sess., P.L. 55, No. 7), known as the Goods and Services Installment Sales Act.  5

(9) Home improvement contractors or financing agencies extending credit pursuant to the act of August 14, 1963 (P.L. 1082, No. 464), known as the Home Improvement Finance Act.  6

1  7 P.S. § 6201 et seq.
2  40 P.S. § 341 et seq.
3  7 P.S. § 6601 et seq. (repealed);  see 7 Pa.C.S.A. § 6102 et seq.
4  69 P.S. § 601 et seq.
5  69 P.S. § 1101 et seq.
6  73 P.S. § 500-101 et seq.

Cite this article: FindLaw.com - Pennsylvania Statutes Title 40 P.S. Insurance § 3303. License required - last updated January 01, 2019 | https://codes.findlaw.com/pa/title-40-ps-insurance/pa-st-sect-40-3303.html


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