California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 1 - Production of Insurance
Article 3 - Motor Vehicle Insurance
Regulations
Section 2121.5 - Duty of Licensee; Remission of Premium; Refund of Finance Charge

Universal Citation: 10 CA Code of Regs 2121.5
Current through Register 2024 Notice Reg. No. 38, September 20, 2024

No licensed dealer or dealer's subsidiary shall enter into or proceed under any contract, agreement or other arrangement under or pursuant to which any premium for insurance which is included in the unpaid balance of any contract of sale is not remitted to the insurer or person entitled thereto within 90 days after the execution of such contract.

If such premium or the net portion due is not so actually remitted to such persons within said 90 days the licensed dealer or dealer's subsidiary shall be responsible for the refund to the purchaser of the finance, interest, time price differential, service charge or any other fee based upon such premium for any period prior to its actual remission. Such refund shall be made in the same manner as is provided for a refund in Section 2115.

1. New section filed 9-5-61; designated effective 1-1-62 (Register 61, No. 18).

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