Current as of: Dec. 2011
(1) Any insurance agent, dealer, or finance factor (finance company, bank, and other lending institution) who undertake to arrange for insurance covering a motor vehicle or other personal property shall, at the time of assuming the responsibility of arranging insurance coverage, deliver to the retail buyer (applicant for insurance) a receipt or binder and a clear and concise description of such insurance including the total cost thereof which may be included in the time sales contract, mortgage, or lease or similar instrument.
(2) Appliance and equipment dealers who are insured by an inland marine installment sales floater type of policy, may comply with the above requirements by showing the kind of coverage and amount of premium, on the invoice, time sales contract, lease, mortgage or similar instrument.
(3) When bodily injury and property damage insurance coverage is not provided in the insurance contract, there should be stamped on the receipt or binder, or time sales contract, mortgage or lease, or similar instrument, the following: “BODILY INJURY OR PROPERTY DAMAGE LIABILITY NOT INCLUDED.”
Laws implemented by this Rule: Florida Statutes § 624.307, 627.413, 624.308
Questions & Answers: Installment Loans
Florida Laws: Installment Loans