The following words and phrases shall have the meanings ascribed herein unless the context clearly indicates otherwise:
“Commissioner” means the Commissioner of Banking and Consumer Finance.
“Person” means an individual, partnership, association, business corporation, nonprofit corporation, common-law trust, joint-stock company or any other entity, however organized.
“Premium finance agreement” means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced to an insurer or to an insurance agent or broker in payment of premiums of an insurance contract together with interest or discount and a service charge, as authorized and limited by Sections 81-21-13 through 81-21-23.
“Premium finance company” means a person engaged in the business of entering into premium finance agreements or acquiring premium finance agreements from other premium finance companies.
“Records” or “documents” means any item in hard copy or produced in a format of storage commonly described as electronic, imaged, magnetic, microphotographic or otherwise, and any reproduction so made shall have the same force and effect as the original thereof and be admitted in evidence equally with the original.