33-22-8. Form, contents, execution, and delivery of premium finance agreement; financing of additional premiums.

A premium finance agreement shall:#

1. (1)

   Be dated and signed by or on behalf of the insured, and the printed portion of the agreement shall be in approximately eight-point type and shall be readable by an individual with average eyesight;#

2. (2)

   Contain the name and place of business of the insurance agent or insurance broker negotiating the related insurance contract, the name and residence or place of business of the insured as specified by him or her, the name and place of business of the premium finance company to which payments are to be made, a description of the insurance contracts involved, and the amount of the premium for the contracts; and#

3. (3)

   Set forth the following items, where applicable:#

   1. (A)

      The total amount of the premiums;#

   2. (B)

      The amount of the down payment;#

   3. (C)

      The principal balance (the difference between subparagraphs (A) and (B) of this paragraph);#

   4. (D)

      The amount of the service charge, including the additional charge as provided in Code Section 33-22-9;#

   5. (E)

      The balance payable by the insured (the sum of subparagraphs (C) and (D) of this paragraph); and#

   6. (F)

      The number of payments required, the amount of each payment expressed in dollars, and the due date or period of payment.#

The items set out in paragraph (3) of subsection (a) of this Code section need not be stated in the sequence or order in which they appear in such paragraph, and additional items may be included to explain the computations made in determining the amount to be paid by the insured.#

The licensee or the insurance agent or insurance broker shall deliver to the insured or send by electronic means or mail to the insured at his or her address shown in the agreement a complete copy of the agreement.#

Whenever an insurance policy has been financed pursuant to this chapter, an additional premium to such policy or a renewal or extension of such policy may be financed with the same premium finance company without the execution of a new premium finance agreement. The premium finance company or the insurance agent or insurance broker shall deliver to the insured or send by electronic means or mail to the insured at his or her address shown in the agreement an addendum to the existing premium finance agreement, and such addendum shall contain the information required under subsection (a) of this Code section.#