N.Y. Banking Law § 567: Form and content of premium finance agreements

§ 567. Form and content of premium finance agreements. 1. A premium

finance agreement shall be in writing and dated on the date of its

signature by the insured; the printed portion thereof shall be in at

least eight point type.

2. It shall contain the entire agreement of the parties with respect

to the insurance contract, the premiums for which are advanced or to be

advanced under it, and:

(a) At its top, the words PREMIUM FINANCE AGREEMENT in at least ten

point bold type; and

(b) A notice in at least eight point bold type, reading as follows:

NOTICE: 1. Do not sign this agreement before you read it or if it

contains any blank space. 2. You are entitled to a completely filled in

copy of this agreement. 3. Under the law, you have the right to pay off

in advance the full amount due and under certain conditions to obtain a

partial refund of the service charge.

3. A premium finance agreement shall:

(a) Contain the name and place of business of the insurance agent or

broker, if any, negotiating the related insurance contract, the name and

residence or the place of business of the insured as specified by him,

the name and place of business of the premium finance agency which is to

hold or acquire the agreement and to which instalment or other payments

are to be made, a description of the insurance contract, the premiums

for which are advanced or to be advanced under the agreement, and the

amount of the premiums for such insurance contract; and

(b) Set forth the items required to be disclosed by the act of

congress entitled "Truth in Lending Act" and the regulations thereunder,

as such act and regulations may from time to time be amended.

4. No premium finance agreement shall be signed by an insured when it

contains any blank space to be filled in after it has been signed;

however, if any insurance contract, the premiums for which are advanced

or to be advanced under the agreement, has not been issued at the time

of its signature by the insured and it so provides, the name of the

authorized insurer by whom such insurance contract is issued and the

policy number and the due date of the first instalment may be left blank

and later inserted in the original of the agreement after it has been

signed by the insured.