6-1403. Exemptions
A. The licensing requirements of this article do not apply to:
1. Any savings and loan association, bank, savings bank, trust company, consumer
lender or credit union authorized to do business in this state.
2. Any agent or broker licensed by the department of insurance who allows an
insured to pay premiums on policies written by the agent or broker in installments if the
agent or broker receives no interest or other fee, except that an agent or broker may
collect a service charge of not more than five per cent of the total premium amount and a
delinquency charge as provided in section 6-1413.
3. Any person who purchases or otherwise acquires premium finance agreements from a
licensee if the licensee retains the right to service the agreements and to collect
payments due under the agreements and remains responsible for the premium finance
agreement being handled in compliance with this article.
4. Any insurer authorized to transact insurance in this state in connection with
the issuance of premium finance agreements relating to commercial insurance policies
issued by the insurer.
B. The exemption from licensing as provided in subsection A of this section does
not authorize the financing of insurance premiums without compliance with the other
requirements of this article.
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