364.115. Premium finance agreement, requirements, contents. - Missouri Statutes

Premium finance agreement, requirements, contents.

364.115. A premium finance agreement shall:

(1) Be dated and signed by or on behalf of the insured, andthe printed portion thereof shall be in at least eight pointtype;

(2) Contain the name and place of business of the insuranceagent or broker negotiating the related insurance contract, thename and residence or place of business of the insured, the nameand place of business of the premium finance company to whichpayments are to be made, a brief description of the insurancecontracts involved and the amount of the premium; and

(3) Set forth the following items, where applicable:

(a) The total amount of the premium;

(b) The amount of the down payment;

(c) The principal balance, meaning the difference betweenthe amounts stated under paragraphs (a) and (b) of thissubdivision;

(d) The amount of the interest or discount;

(e) The balance payable by the insured, meaning the sum ofamounts stated under paragraphs (c) and (d) of this subdivision;and

(f) The number of installments required, the amount of eachinstallment expressed in dollars, and the due date or periodthereof.

(L. 1984 S.B. 686 § 4)