N.Y. Banking Law § 554: Definitions

§ 554. Definitions. In this article, unless the context otherwise

requires:

1. "Authorized insurer" and "insurance contract" have the respective

meanings assigned to them by the insurance law.

2. "Bank" means a bank, trust company, private banker, savings bank,

savings and loan association, credit union, investment company organized

under article twelve of this chapter and authorized to accept deposits,

national bank, federal savings association, federal credit union, or

out-of-state state bank, as such term is defined in subdivision two of

section two hundred twenty-two of this chapter, having a principal,

branch or trust office in this state.

3. "Insurance agent" and "insurance broker" mean, respectively, an

insurance agent or insurance broker duly licensed as such under the

insurance law.

4. "Insured" means a person who enters into a premium finance

agreement with a premium finance agency or makes and delivers a premium

finance agreement to, or to the order of, an insurance agent or broker,

whether or not he is insured under an insurance contract, premiums for

which are advanced or to be advanced under the premium finance

agreement.

5. "Lending institution" means a bank or a lender licensed pursuant to

article nine of this chapter.

6. "Person" means an individual, corporation, business trust, estate,

trust, partnership or association, two or more persons having a joint or

common interest, or any other legal or commercial entity.

7. "Premium finance agency" means:

(a) a person engaged, in whole or in part, in the business of entering

into premium finance agreements with insureds, including a bank if so

engaged; or

(b) a person engaged, in whole or in part, in the business of

acquiring premium finance agreements from insurance agents or brokers or

other premium finance agencies, including a bank if so engaged and an

insurance agent or broker who is licensed as a premium finance agency

and who holds premium finance agreements made and delivered by insureds

to him or his order.

8. "Premium finance agreement" means a promissory note or other

written agreement by which an insured promises or agrees to pay to, or

to the order of, either a premium finance agency or an insurance agent

or broker the amount advanced or to be advanced under the agreement to

an authorized insurer or to an insurance agent or broker in payment of

premiums on an insurance contract, together with a service charge as

authorized and limited by law. If the premium finance agreement is

payable to, or to the order of, an insurance agent or broker not

licensed as a premium finance agency, payments under the agreement must

be payable at the office of a premium finance agency named in the

agreement, to whom the agreement is by its terms to be and is

subsequently assigned. The term "premium finance agreement" does not

include a retail instalment credit agreement which complies with the

provisions of paragraph (b) of subdivision eleven of section four

hundred thirteen of the personal property law.

9. "Superintendent" means the superintendent of financial services.