N.Y. Banking Law § 567 Form and Content of Premium Finance Agreements

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Banking Law § 567

1. A premium finance agreement shall be in writing and dated on the date of its signature by the insured; the printed portion thereof shall be in at least eight point type.

2. It shall contain the entire agreement of the parties with respect to the insurance contract, the premiums for which are advanced or to be advanced under it, and:

(a) At its top, the words PREMIUM FINANCE AGREEMENT in at least ten point bold type; and

(b) A notice in at least eight point bold type, reading as follows: NOTICE: 1. Do not sign this agreement before you read it or if it contains any blank space. 2. You are entitled to a completely filled in copy of this agreement. 3. Under the law, you have the right to pay off in advance the full amount due and under certain conditions to obtain a partial refund of the service charge.

3. A premium finance agreement shall:

(a) Contain the name and place of business of the insurance agent or broker, if any, negotiating the related insurance contract, the name and residence or the place of business of the insured as specified by him, the name and place of business of the premium finance agency which is to hold or acquire the agreement and to which instalment or other payments are to be made, a description of the insurance contract, the premiums for which are advanced or to be advanced under the agreement, and the amount of the premiums for such insurance contract; and