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)