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CHAMBER ACTION |
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The Committee on Insurance recommends the following: |
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Committee Substitute |
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Remove the entire bill and insert: |
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A bill to be entitled |
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An act relating to premium finance company application |
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exemptions; amending s. 627.826, F.S.; revising a |
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definition to expand an exemption from application for |
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certain entities to include persons who purchase or |
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acquire premium finance agreements from licensees subject |
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to certain limitations; providing an effective date. |
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Be It Enacted by the Legislature of the State of Florida: |
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Section 1. Subsection (2) of section 627.826, Florida |
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Statutes, is amended to read: |
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627.826 "Premium finance company" defined.-- |
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(2) The following entities are exempt from the provisions |
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of this part:
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(a)Credit unions, banks, savings and loan associations, |
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and other lending institutions as defined under chapters 516, |
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657, 658, and 665 or their federally chartered counterparts are |
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exempt from the provisions of this part. |
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(b) Any person who purchases or otherwise acquires premium |
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finance agreements from a licensee if the licensee retains the |
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possession of and legal obligation to service the agreements and |
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collect payments due under the agreements and remains |
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responsible for the premium finance agreements being |
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administered in compliance with this part.
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Section 2. This act shall take effect upon becoming a law. |