Florida Statute 627.826 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXXVII
INSURANCE

Chapter 627
INSURANCE RATES AND CONTRACTS

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627.826 “Premium finance company” defined.—

(1) An “insurance premium finance company” is:

(a) A person engaged, in whole or in part, in the business of entering into premium finance agreements with insureds; or

(b) A person engaged, in whole or in part, in the business of acquiring premium finance agreements from other premium finance companies.

(2) The following entities are exempt from the provisions of this part:

(a) Credit unions, banks, savings and loan associations, and other lending institutions as defined under chapters 516, 657, 658, and 665 or their federally chartered counterparts.

(b) Any person who purchases or otherwise acquires premium finance agreements from a licensee if the licensee retains the possession of and the legal obligation to service the agreements and collect payments due under the agreements and remains responsible for the premium finance agreements being administered in compliance with this part.

(3) The inclusion of a charge for insurance on a bona fide sale of goods or services on installments is not subject to the provisions of this part.

History.—s. 1, ch. 63-16; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 166, ch. 79-164; s. 431, ch. 81-259; ss. 2, 3, ch. 81-318; ss. 594, 612, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 204, ch. 92-303; s. 114, ch. 92-318; s. 1, ch. 2003-152.

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Amendments to 627.826

Annotations, Discussions, Cases:

Cases Citing Statute 627.826

Total Results: 2 | Sort by: Relevance | Newest First

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Smith v. Foremost Ins. Co., 884 So. 2d 341 (Fla. 2d DCA 2004).

Cited 2 times | Published | Florida 2nd District Court of Appeal | 2004 WL 2008227

...This allowed her to pay the premium in installments for a $5 "service fee" to be included with each installment payment. Smith, on behalf of herself and others similarly situated, alleged in her complaint that these fees violated the premium financing statutes of Florida Insurance Code parts XV and XVI, sections 627.826-.849 and 627.901-.904, Florida Statutes (1995), respectively....

...vided in s. 627.901 shall be subject to part XV of this chapter. [1] *343 Part XV regulates "premium finance companies," defined as persons in the business, in whole or in part, of entering into or acquiring premium finance agreements with insureds. § 627.826....

...627.901." If such charges are "substantially more" than that, the insurer or subsidiary is subject to part XV of the insurance code, which regulates insurance finance companies and requires department licensure and use of department-approved premium finance agreements. §§ 627.902, 627.826-.849....

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Beacon Fin., Inc. v. Dep't of Ins., State of Florida, 656 So. 2d 197 (Fla. Dist. Ct. App. 1995).

Published | District Court of Appeal of Florida | 1995 Fla. App. LEXIS 5343, 1995 WL 298948

...However, that statute is patently inapplicable to Beacon and applies only to an insurer as defined in chapter 624 under section 624.03, Florida Statutes. Beacon is not an insurer but, rather, a premium finance company separately regulated under chapter 627 and separately defined in section 627.826, Florida Statutes....

...As a premium finance company, Beacon advances necessary funds on behalf of an insured as payments of premiums on the insured's contract of insurance. In return, Beacon receives a written agreement or promissory note from the insured to repay the amount advanced, together with a service charge authorized by law. See §§ 627.826(1) and 627.827, Fla.Stat....

This Florida statute resource is curated by Graham W. Syfert, Esq., a Jacksonville, Florida personal injury and workers' compensation attorney. Attorney Syfert regularly works with Chapter 627 in the context of insurance coverage law and represents clients throughout Northeast Florida. For legal consultation, call 904-383-7448.