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KANSAS STATUTES AND CODES
40-283a. Premium financing or extension of credit for term exceeding one year prohibited; renewal of agreement at expiration of term.
40-283a
40-283a. Premium financing or extension of credit for term exceedingone year prohibited; renewal of agreement at expiration of term.From and after the effective date of this act, no life insurance companyauthorized to do business in this state nor any insurance agent thereofshall enter into or arrange for an agreement with a purchaser or prospectivepurchaser of any life insurance policy to finance the cost of any premiumor extend credit in the amount of any premium for a term exceeding one year.At the expiration of any such term, such life insurance company or agentmay enter into or arrange for a new agreement to finance the cost of anypremiums or extend credit in the amount of any premium for an additionalterm of not to exceed one year.
History: L. 1976, ch. 213, § 1; July 1.