California Financial Code

§ 18606

FIN § 18606Div. 7 · Ch. 8 · Art. 3

Statute text

A premium finance agreement shall not be executed by or on behalf of the insured when it contains any blank space to be filled in thereafter; however, if any insurance contract, premiums for which are advanced or to be advanced under the agreement, has not been issued at the time of execution and the premium finance agreement so provides, the name of the insurer, the policy number and the due date of the first installment may be left blank and inserted later. In connection with the financing of an additional premium or policies, upon the completion of the computations necessary to determine the amount of the revised unpaid balance and the number and amount of future installment payments, the company shall mail notice of the changes to the insured at his address shown in the agreement. The notice of the revised finance agreement shall set forth:

(a)The unpaid balance, as adjusted.

(b)The number and frequency of each installment under the revised finance agreement.

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Legislative history

Repealed and added by Stats. 1976, Ch. 964.