A commission not exceeding 5% of credit life and health insurance premiums, as set forth by rules adopted by the superintendent, may be paid to any creditor who is a licensed credit insurance agent. This section does not prohibit fees paid to a lender for handling or processing credit life or health insurance not exceeding 10% of prima facie premiums as set forth by rules adopted by the superintendent.
Me. Rev. Stat. tit. 24-A, § 2860-A
Commissions
Known as the Consumer Credit Insurance Act
The act spans §§ 2851–2865 (17 sections).
PL 1993, c. 208, §3 (NEW)
Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.