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§ 23-501-1 — Maryland Law | CourtGPT
  1. Home/
  2. Laws/
  3. Maryland/
  4. Title 1 - Definitions; General Provisions/
  5. Title 23 - Premium Financing/
  6. Subtitle 5 - Prohibited Acts; Penalties/
  7. § 23-501-1
Maryland Legal Code

§ 23-501-1

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(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.