31A-23a-404 - Extension of credit on premiums. - Utah Statutes

31A-23a-404. Extension of credit on premiums.
The extension of credit upon a premium by a licensee under this chapter to the insured,without interest for not exceeding 90 days from the effective date of the policy, or after that timewith interest on the unpaid balance at not less than the legal rate under Section 15-1-1, is not aviolation of Subsection 31A-23a-402(2). The installment or payroll deduction payment ofpremiums on policies issued under an insurer's mass marketing program is not an extension ofcredit.

Renumbered and Amended by Chapter 298, 2003 General Session