North Dakota Code 26.1-20.1-01 – Definitions
In this chapter, unless the context otherwise requires:
Terms Used In North Dakota Code 26.1-20.1-01
- 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
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
1. “Insurance premium finance company” means a person engaged in the business of entering into or acquiring insurance premium finance agreements.
2. “Licensee” means a person holding a license issued under this chapter.
3. “Premium finance agreement” means an agreement by which an insured or prospective insured promises to pay an insurance premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance producer in payment of premiums on an insurance policy together with a finance charge. The term does not include an agreement to finance premiums when a life or disability insurance policy is made the security or collateral for the repayment of a debt.