§ 23–501.1

Statutes in effect as of October 1, 2026.

Md. Code Ann., Ins. § 23-501.1 (2026)

Title 23. Premium Financing

Subtitle 5. Prohibited Acts; Penalties

(a)

A premium finance company may not impose any finance charge or other charge on any payment for the purchase price of a motor club service contract.

(b)

A premium finance company may not cancel an insurance contract if any payment under the premium finance agreement:

(1)

is sufficient to pay the installment due under the premium finance agreement that is related to the insurance contract obligation; but

(2)

is not sufficient to cover the amount of the monthly payment for the motor club service contract.