As used in this chapter, “premium finance agreement” means a loan contract, note, agreement or obligation by which an insured agrees to pay to a company in installments the principal amount advanced by the company to an insurer or producer in payment of premium on an insurance contract or contracts, plus charges, with the assignment as security therefor of the unearned premiums, accrued dividends or loss payments, the final installment due date of the agreement not to extend beyond the term of the insurance contract included in the agreement having the latest expiration date.
Cal. Fin. Code § 18564
Definitions
Known as the Industrial Loan Law
The act spans §§ 18000–18707 (410 sections).
Applied in 1 court decision — leading case 139 Cal. App. 4th 1532 - Gorham Co. v. First Financial Insurance (2006)
Most recently applied in 139 Cal. App. 4th 1532 - Gorham Co. v. First Financial Insurance (May 2006)
Added by Stats. 1976, Ch. 964.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.