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Committee clears bill to allow premium finance companies to accept electronic payments and pass processing costs to borrowers
Summary
The House Calendar and Rules Committee voted to return Senate Bill 0766/House Bill 0772 to the floor after agreeing the bill would permit premium finance companies to accept electronic payments, pass third-party processing costs to borrowers and charge a one-time bad-check fee.
The House Calendar and Rules Committee voted to return Senate Bill 0766/House Bill 0772 to the floor after approving a motion to take the measure back up by a two-thirds vote.
Representative Powers said the bill updates the Premium Finance Company Act of 1980 to allow premium finance companies to accept electronic payments, including credit cards, and to pass on the actual third-party cost of processing those electronic payments to borrowers…
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