567 - Form and content of premium finance agreements.

§ 567.  Form  and content of premium finance agreements.  1. A premium  finance agreement shall be in writing and  dated  on  the  date  of  its  signature  by  the  insured;  the printed portion thereof shall be in at  least eight point type.    2. It shall contain the entire agreement of the parties  with  respect  to  the insurance contract, the premiums for which are advanced or to be  advanced under it, and:    (a) At its top, the words PREMIUM FINANCE AGREEMENT in  at  least  ten  point bold type; and    (b)  A  notice  in at least eight point bold type, reading as follows:  NOTICE: 1. Do not sign this agreement  before  you  read  it  or  if  it  contains  any blank space. 2. You are entitled to a completely filled in  copy of this agreement. 3. Under the law, you have the right to pay  off  in  advance the full amount due and under certain conditions to obtain a  partial refund of the service charge.    3. A premium finance agreement shall:    (a) Contain the name and place of business of the insurance  agent  or  broker, if any, negotiating the related insurance contract, the name and  residence  or  the place of business of the insured as specified by him,  the name and place of business of the premium finance agency which is to  hold or acquire the agreement and to which instalment or other  payments  are  to  be  made, a description of the insurance contract, the premiums  for which are advanced or to be advanced under the  agreement,  and  the  amount of the premiums for such insurance contract; and    (b)  Set  forth  the  items  required  to  be  disclosed by the act of  congress entitled "Truth in Lending Act" and the regulations thereunder,  as such act and regulations may from time to time be amended.    4. No premium finance agreement shall be signed by an insured when  it  contains  any  blank  space  to  be  filled in after it has been signed;  however, if any insurance contract, the premiums for which are  advanced  or  to  be advanced under the agreement, has not been issued at the time  of its signature by the insured and it so  provides,  the  name  of  the  authorized  insurer  by  whom  such insurance contract is issued and the  policy number and the due date of the first instalment may be left blank  and later inserted in the original of the agreement after  it  has  been  signed by the insured.