The 2023 Florida Statutes (including Special Session C)

Title XXXVII
INSURANCE

Chapter 627
INSURANCE RATES AND CONTRACTS

View Entire Chapter

F.S. 627.901

627.901 Premium financing by an insurance agent or agency.—

(1) A general lines agent may make reasonable service charges for financing insurance premiums on policies issued or business produced by such an agent or agency, s. 626.9541 notwithstanding. The service charge shall not exceed $3 per installment. The maximum service charge shall not exceed $36 per year. In lieu of such service charges, an insurance agent or agency, at the sole discretion of such agent or agency, may charge a rate of interest not to exceed 18 percent simple interest per year on:

(a) The unpaid balance; or

(b) The average unpaid balance as billed over the term of the policy and subject to endorsement changes. The interest authorized by this paragraph may be billed in equal installments.

(2) Every such agent or agency engaging in premium financing whose total service charge per year or rate of interest is more than as provided in subsection (1) shall be subject to part XV of this chapter.

History.—s. 2, ch. 63-16; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 3, 5, 6, ch. 80-363; ss. 2, 3, ch. 81-318; ss. 613, 617, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 114, ch. 92-318; s. 5, ch. 2000-365; s. 1, ch. 2002-252; s. 3, ch. 2003-267; s. 3, ch. 2003-281.

F.S. 627.901 on Google Scholar

F.S. 627.901 on Casetext

Amendments to 627.901

Arrestable Offenses / Crimes under Fla. Stat. 627.901

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 627.901.

Annotations, Discussions, Cases:

Cases from cite.case.law:

CONTINENTAL CASUALTY COMPANY, v. FIRST FINANCIAL EMPLOYEE LEASING, INC., 716 F. Supp. 2d 1176 (M.D. Fla. 2010)

. . . . § 627.901). .The NCCI Circular indicates the close connection between FCCPAP and rates by noting that . . .

LaPENNA, Y. v. GOVERNMENT EMPLOYEES INSURANCE COMPANY,, 316 F. App'x 894 (11th Cir. 2009)

. . . . §§ 627.901 and 627.902 by assessing a four dollar installment service charge on automobile insurance . . . Stat. § 627.901. . . . Stat. § 627.901. Appellants argue that the fee is a “service charge.” . . . Stat. § 627.901. . . . Stat. § 627.901 and, at least occasionally, exceeded eighteen percent simple interest per year. . . .

PROGRESSIVE EXPRESS INSURANCE COMPANY, a v. REAUME,, 937 So. 2d 1120 (Fla. Dist. Ct. App. 2006)

. . . alleging that Progressive collected unlawful and excessive premium finance charges in violation of section 627.901 . . . to Progressive’s regular financing charge, the total charge is above the maximum allowed by section 627.901 . . .

SMITH, v. FOREMOST INSURANCE COMPANY, a a, 884 So. 2d 341 (Fla. Dist. Ct. App. 2004)

. . . the premium financing statutes of Florida Insurance Code parts XV and XVI, sections 627.826-.849 and 627.901 . . . Section 627.901 of part XVI provides two options for premium financing by an insurance agent or agency . . . The plain language of part XVI, section 627.901, as it read at the time of the transactions in this case . . . The legislative history of chapter 2002-252, Laws of Florida, which amended section 627.901, illustrates . . . The legislature amended section 627.901, effective May 13, 2002, to read in pertinent part: (1) ... . . .