2006 Regular Session

SENATE BILL 275

File Code: Insurance - Other than Health
Sponsored By:
Senator Exum
Entitled:
Premium Finance Companies - Calculation of Finance Charge - Return of Unearned Interest After Cancellation of Insurance Contract

Synopsis:

Altering the calculation of the finance charge under premium finance agreements; requiring a premium finance company, after an insurer returns to the premium finance company specified gross unearned premiums, to refund to the insured the amount of gross unearned interest, computed in accordance with the actuarial method, and excluding specified fees or charges.

History by Legislative Date

Senate Action
1/25
First Reading Finance
2/1
Hearing 2/14 at 1:00 p.m.
2/27
Favorable with Amendments Report by Finance
2/28
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
3/2
Third Reading Passed (45-0)
House Action
3/3
First Reading Economic Matters
3/14
Hearing 3/22 at 1:00 p.m.

Bill indexed under the following Subjects:

CONTRACTS -see also- LAND INSTALLMENT CONTRACTS; PROCUREMENT
FEES -see also- DEVELOPMENT FEES AND TAXES
FINANCE COMPANIES
INSURANCE -see also- HEALTH INS; MAIF; MOTOR VEHICLE INS
INTEREST

Bill affects the following Statutes:

Insurance
( 23-304 , 23-405 , 23-405 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled
Fiscal Note (Displayed in PDF Format): Available
Amendments (Displayed in WordPerfect 8 Format):
Senate
Number: 787277/01 (PDF)     Offered on: February 28, 2006   at: 11:29 a.m.     Status: Adopted
Roll Call Vote (Legislative date is shown):
Senate
March 2, 2006: Third Reading Passed (45-0)