Every purchaser or borrower desiring insurance, to cover either the purchaser’s or borrower’s interest, or that of the finance factor (finance company, bank, and other lending institutions) or lender, financing a motor vehicle or other personal property, shall be given the option of furnishing to the finance factor (finance company, bank and other lending institutions), or lender, a required policy of insurance, in a company duly licensed in the State, acceptable to the finance factor or lender, which acceptance shall not be arbitrarily withheld providing such a policy contains the coverage that may be required by the finance factor (finance company, bank and other lending institutions) or lender. No coercion in any form or manner shall take place in connection with any insurance transaction.
Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 626.9551 FS. History-Repromulgated 12-24-74, Formerly 4-4.19, 4-4.019, 4-184.020.