38.2-4700 - What persons deemed insurance premium finance companies. - Virginia Statutes

§ 38.2-4700. What persons deemed insurance premium finance companies.

A. Any person engaged in whole or in part in financing premiums for insuranceon subjects of insurance resident, located or to be performed in thisCommonwealth shall be an insurance premium finance company subject to thischapter. Any person who acquires agreements for this financing from aninsurance premium finance company shall be deemed an insurance premiumfinance company subject to this chapter.

B. No person shall be deemed an insurance premium finance company by reasonof any transaction lawful under the laws of this Commonwealth without regardto the provisions of this chapter. No bank, trust company, savingsinstitution, industrial loan association, credit union, consumer financecompany licensed under Chapter 6 (§ 6.1-244 et seq.) of Title 6.1, licensedinsurance agent extending credit as authorized in § 38.2-1806, or insurershall be licensed under the provisions of this chapter, nor be subject to therestrictions and obligations imposed by this chapter.

(1964, c. 147, § 38.1-735; 1986, c. 562; 1996, c. 77.)