Sec 6-1417. Servicing of premium finance agreements

Latest version.

A. A licensee may receive and disburse monies in the servicing of premium finance agreements. All monies received in the process of servicing these agreements shall be kept separate, distinct and apart from funds belonging to the licensee and shall be deposited with a financial institution located in this state or a financial institution in another state that maintains insurance on its deposits by the federal deposit insurance corporation. All funds collected shall remain in the financial institution until remitted to the person entitled to the funds.

B. The licensee shall keep a record of all monies collected and the remittance of the monies.

                    
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