§ 1 Definitions
§ 2 Necessity of license
§ 3 Application for license; issuance or refusal of license; fees; duration of license; multi-state licensing system
§ 4 Name and address of licensee; posting of license; change of location
§ 5 Revocation or suspension of license; grounds; surrender of license; effect
§ 6 Rules and regulations; examination of business records; confidential communications; annual report
§ 8 Witnesses; summoning; examination; fees
§ 9 Penalties
§ 11 License fees of agents or brokers; basis; application; subsidiaries
§ 12 Rebates; prohibition; effect of filing of premium finance agreement
§ 13 Form of agreement
§ 14 Excessive charges
§ 14A Group credit life or accident and health or involuntary unemployment insurance charges; prepayment; refunds; death benefits; disclosure statements; violations
§ 15 Delinquency, collection and cancellation charges
§ 16 Prohibited provisions in agreements
§ 17 Payment in absence of notice of assignment
§ 18 Statement of payments and unpaid amounts; full payment by insured
§ 19 Payment in full before maturity; refund
§ 20 Extensions or deferments
§ 21 Cancellation of insurance contract; refund of finance charges; deficiency; notice of cancellation
§ 22 Scope and application of chapter
§ 23 Truth-in-lending act; application
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Terms Used In Massachusetts General Laws > Chapter 255C - Insurance Premium Finance Agencies

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Subpoena: A command to a witness to appear and give testimony.