69O-196.038. Limit on Additional $20 Service Charge

(1) The additional $20 charge referred to in Section 627.840(3)(b), F.S., may be charged only once in a 12-month period for any one customer regardless of the number of premium finance agreements entered into during the 12-month period or the number of policies financed in each finance agreement.

(2) The only exception to the limitation on the additional charge is in instances where a customer’s finance contract has been cancelled due to nonpayment within the immediately preceding 12-month period. In such instances, a company may collect the additional charge again if it refinances the customer’s policy during the same 12-month period.

Specific Authority 624.308 FS. Law Implemented 624.307(1), 627.840 FS. History–New 7-27-95, Formerly 4-196.038.