reglab/housing_qa huggingface dataset:
MT Code § 33-12-206 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 2. Life and Health Insurers|33-12-206. Tangible personal property under lease

  33-12-206. Tangible personal property under lease. (1) (a) Subject to the limitations of 33-12-202, an insurer may acquire tangible personal property or equity interests in tangible personal property located or used wholly or in part within a domestic jurisdiction, either directly or indirectly through limited partnership interests and general partnership interests not otherwise prohibited by 33-12-104(4), joint ventures, stock of an investment subsidiary, membership interests in a limited liability company, trust certificates, or other similar instruments.   (b) Investments acquired under subsection (1)(a) are eligible only if:   (i) the property is subject to a lease or other agreement with a person whose rated credit instruments could be acquired by the insurer under 33-12-203 in the amount of the purchase price of the personal property; and   (ii) the lease or other agreement provides the insurer with the right to receive rental, purchase, or other fixed payments for the use or purchase of the property and the aggregate value of the payments, together with the estimated residual value of the property at the end of its useful life and the estimated tax benefits to the insurer resulting from ownership of the property, are adequate to return the cost of the insurer's investment in the property, plus a return considered adequate by the insurer.   (2) The insurer shall compute the amount of each investment under this section on the basis of the out-of-pocket purchase price and applicable related expenses paid by the insurer for the investment, net of each borrowing made to finance the purchase price and expenses, to the extent the borrowing is without recourse to the insurer.   (3) An insurer may not acquire an investment under this section if, as a result of and after giving effect to the investment, the aggregate amount of all investments then held by the insurer under this section would exceed:   (a) 2% of its admitted assets; or   (b) 0.5% of its admitted assets as to any single item of tangible personal property.   (4) For purposes of determining compliance with the limitations of 33-12-202, investments acquired by an insurer under this section must be aggregated with those acquired under 33-12-203 and each lessee of the property under a lease referred to in this section is considered the issuer of an obligation in the amount of the investment of the insurer in the property determined as provided in subsection (2).   (5) Nothing in this section is applicable to tangible personal property lease arrangements between an insurer and its subsidiaries and affiliates under a cost-sharing arrangement or agreement permitted under Title 33, chapter 2, part 11.   History: En. Sec. 18, Ch. 304, L. 1999.
MT Code § 33-12-211 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 2. Life and Health Insurers|33-12-211. Policy loans

  33-12-211. Policy loans. A life insurer may lend to a policyholder, on the security of the cash surrender value of the policyholder's policy, a sum not exceeding the legal reserve that the insurer is required to maintain on the policy.   History: En. Sec. 23, Ch. 304, L. 1999.
MT Code § 33-12-212 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 2. Life and Health Insurers|33-12-212. Additional investment authority

  33-12-212. Additional investment authority. (1) Under this subsection (1), an insurer may acquire an investment or may engage in investment practices described in 33-12-208 solely for the purpose of acquiring investments that exceed the quantitative limitations of 33-12-202 through 33-12-209. However, an insurer may not acquire an investment or engage in investment practices described in 33-12-208 under this subsection (1) if, as a result of and after giving effect to the transaction:   (a) the aggregate amount of investments then held by an insurer under this subsection (1) would exceed 5% of its admitted assets; or   (b) the aggregate amount of investments as to a limitation in 33-12-202 through 33-12-209 then held by the insurer under this subsection (1) would exceed 1% of its admitted assets.   (2) (a) In addition to the authority provided under subsection (1), an insurer may acquire under this subsection (2) an investment of any kind or engage in investment practices described in 33-12-208 that are not specifically prohibited by this chapter without regard to the categories, conditions, standards, or other limitations of 33-12-202 through 33-12-209 if, as a result of and after giving effect to the transaction, the aggregate amount of investments then held under this subsection (2) would not exceed the lesser of:   (i) 10% of its admitted assets; or   (ii) 75% of its capital and surplus.   (b) However, an insurer may not acquire any investment or engage in any investment practice under this subsection (2) if, as a result of and after giving effect to the transaction, the aggregate amount of all investments in any one person then held by the insurer under this subsection (2) would exceed 5% of its admitted assets.   (3) In addition to the investments acquired under subsections (1) and (2), an insurer may acquire under this subsection (3) an investment of any kind or engage in investment practices described in 33-12-208 that are not specifically prohibited by this chapter without regard to any limitations of 33-12-202 through 33-12-209 if:   (a) the commissioner grants prior approval;   (b) the insurer demonstrates that its investments are being made in a prudent manner and that the additional amounts will be invested in a prudent manner; and   (c) as a result of and after giving effect to the transaction, the aggregate amount of investments then held by the insurer under this subsection (3) does not exceed the greater of:   (i) 25% of its capital and surplus; or   (ii) 100% of capital and surplus less 10% of its admitted assets.   (4) An investment prohibited under 33-12-105 that is not permitted under 33-12-210 or additional derivative instruments acquired under 33-12-210 may not be acquired under this section.   History: En. Sec. 24, Ch. 304, L. 1999; amd. Sec. 39, Ch. 227, L. 2001.
MT Code § 33-12-301 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 3. Property and Casualty, Financial Guaranty, Mortgage Guaranty, Surety, Marine, and Title Insurers|33-12-301. Applicability

  33-12-301. Applicability. Subject to the provisions of 33-12-101(2), this part applies to the investments and investment practices of property and casualty, financial guaranty, mortgage guaranty, surety, marine, and title insurers.   History: En. Sec. 25, Ch. 304, L. 1999.
MT Code § 33-12-305 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 3. Property and Casualty, Financial Guaranty, Mortgage Guaranty, Surety, Marine, and Title Insurers|33-12-305. Equity interests

  33-12-305. Equity interests. (1) Subject to the limitations of 33-12-302, an insurer may acquire equity interests in business entities organized under the laws of any domestic jurisdiction.   (2) An insurer may not acquire an investment under this section if, as a result of and after giving effect to the investment, the aggregate amount of investments then held by the insurer under this section would exceed the greater of 25% of its admitted assets or 100% of its surplus as regards policyholders.   (3) An insurer may not acquire under this section any investments that the insurer may acquire under 33-12-307.   (4) An insurer may not short sell equity investments unless the insurer covers the short sale by owning the equity investment or an unrestricted right to the equity instrument exercisable within 6 months of the short sale.   History: En. Sec. 29, Ch. 304, L. 1999.
MT Code § 33-12-306 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 3. Property and Casualty, Financial Guaranty, Mortgage Guaranty, Surety, Marine, and Title Insurers|33-12-306. Tangible personal property under lease

  33-12-306. Tangible personal property under lease. (1) (a) Subject to the limitations of 33-12-302, an insurer may acquire tangible personal property or equity interests in tangible personal property located or used wholly or in part within a domestic jurisdiction, either directly or indirectly through limited partnership interests and general partnership interests not otherwise prohibited by 33-12-104(4), joint ventures, stock of an investment subsidiary, membership interests in a limited liability company, trust certificates, or other similar instruments.   (b) Investments acquired under subsection (1)(a) are eligible only if:   (i) the property is subject to a lease or other agreement with a person whose rated credit instruments in the amount of the purchase price of the personal property the insurer could then acquire under 33-12-303; and   (ii) the lease or other agreement provides the insurer the right to receive rental, purchase, or other fixed payments for the use or purchase of the property and the aggregate value of the payments, together with the estimated residual value of the property at the end of its useful life and the estimated tax benefits to the insurer resulting from ownership of the property, are adequate to return the cost of the insurer's investment in the property, plus a return considered adequate by the insurer.   (2) The insurer shall compute the amount of each investment under this section on the basis of the out-of-pocket purchase price and applicable related expenses paid by the insurer for the investment, net of each borrowing made to finance the purchase price and expenses, to the extent the borrowing is without recourse to the insurer.   (3) An insurer may not acquire an investment under this section if, as a result of and after giving effect to the investment, the aggregate amount of all investments then held by the insurer under this section would exceed:   (a) 2% of its admitted assets; or   (b) 0.5% of its admitted assets as to any single item of tangible personal property.   (4) For purposes of determining compliance with the limitations of 33-12-302, investments acquired by an insurer under this section must be aggregated with those acquired under 33-12-303 and each lessee of the property under a lease referred to in this section is considered the issuer of an obligation in the amount of the investment of the insurer in the property determined as provided in subsection (2).   (5) This section is not applicable to tangible personal property lease arrangements between an insurer and its subsidiaries and affiliates under a cost-sharing arrangement or agreement permitted under Title 33, chapter 2, part 11.   History: En. Sec. 30, Ch. 304, L. 1999.
MT Code § 33-12-311 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 3. Property and Casualty, Financial Guaranty, Mortgage Guaranty, Surety, Marine, and Title Insurers|33-12-311. Additional investment authority

  33-12-311. Additional investment authority. (1) Under this section, an insurer may acquire investments, may engage in investment practices of any kind that are not specifically prohibited by this chapter, or may engage in investment practices without regard to any limitation in 33-12-302 through 33-12-309. However, an insurer may not acquire an investment or engage in an investment practice under this section if, as a result of and after giving effect to the transaction, the aggregate amount of the investments then held by the insurer under this section would exceed the greater of:   (a) its unrestricted surplus; or   (b) the lesser of:   (i) 10% of its admitted assets; or   (ii) 50% of its surplus as regards policyholders.   (2) An insurer may not acquire an investment or engage in an investment practice under subsection (1) if, as a result of and after giving effect to the transaction, the aggregate amount of all investments in any one person then held by the insurer under subsection (1) would exceed 5% of its admitted assets.   History: En. Sec. 35, Ch. 304, L. 1999.
MT Code § 33-14-101 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 14. Insurance Premium Finance Companies|Part 1. General Provisions|33-14-101. Short title

  33-14-101. Short title. This chapter may be cited as the "Insurance Premium Finance Company Act".   History: En. Sec. 1, Ch. 360, L. 1981.
MT Code § 33-14-102 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 14. Insurance Premium Finance Companies|Part 1. General Provisions|33-14-102. Definitions

  33-14-102. Definitions. As used in this chapter, the following definitions apply:   (1) "Insurance premium finance company" means a person engaged in the business of entering into premium finance agreements with insureds or of acquiring such premium finance agreements from insurance producers, brokers, or other premium finance companies.   (2) "Licensee" means a premium finance company holding a license issued by the commissioner under this chapter.   (3) "Premium finance agreement" means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance producer or broker in payment of premiums on an insurance contract, together with a finance charge as authorized by this chapter, and as security therefor the insurance premium finance company receives an assignment of the unearned premium.   (4) "Unearned premium" means that part of the original premium, including a deposit, not yet earned by the insurer and therefore due the insured if a policy is canceled.   History: En. Sec. 2, Ch. 360, L. 1981; amd. Sec. 1, Ch. 123, L. 1987; amd. Sec. 1, Ch. 713, L. 1989.
MT Code § 33-14-201 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 14. Insurance Premium Finance Companies|Part 2. Licensing|33-14-201. License required -- fee -- renewal of license

  33-14-201. License required -- fee -- renewal of license. (1) Except as provided in subsection (4), a person may not engage in the business of financing insurance premiums without first having obtained a license as a premium finance company from the commissioner. Any person who engages in the business of financing insurance premiums in the state without obtaining a license as provided under this chapter is, upon conviction, guilty of a misdemeanor.   (2) The annual license fee is $100. A license may be renewed as of January 1 each year, upon payment of the fee of $100. The license fee must be paid to the commissioner.   (3) The person to whom the license or the renewal of the license is issued shall file sworn answers, subject to the penalties of perjury, to any interrogatories as the commissioner may require. The commissioner may, at any time, require the applicant fully to disclose the identity of all stockholders, partners, officers, and employees, and the commissioner may, in the commissioner's discretion, refuse to issue or renew a license in the name of any firm, partnership, or corporation if not satisfied that any officer, employee, stockholder, or partner who may materially influence the applicant's conduct meets the standards of this chapter.   (4) This section does not apply to and a license is not required of:   (a) savings and loan associations, banks, trust companies, licensed finance companies, credit unions, and resident insurance producers; or   (b) a person who, within 15 days after entering into an insurance premium finance agreement, transfers the agreement to a licensee or to any of the organizations exempt under this subsection (4).   History: En. Sec. 3, Ch. 360, L. 1981; amd. Sec. 1, Ch. 713, L. 1989; amd. Sec. 16, Ch. 451, L. 1993.
MT Code § 33-14-202 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 14. Insurance Premium Finance Companies|Part 2. Licensing|33-14-202. Applicant qualifications -- hearing

  33-14-202. Applicant qualifications -- hearing. (1) Upon the filing of an application and the payment of the license fee, the commissioner may make a background examination of each applicant and shall issue a premium finance company license if the applicant is qualified in accordance with this chapter. If the commissioner denies the application, the applicant may file a written demand for a hearing pursuant to the provisions of 33-1-701.   (2) The commissioner shall issue or renew a license when the commissioner is satisfied that the person to be licensed:   (a) is competent and trustworthy and intends to act in good faith in the capacity involved by the license applied for;   (b) has a good business reputation and has had experience, training, or education that qualifies the applicant in the business for which the license is applied; and   (c) if a corporation, is a corporation incorporated under the laws of the state or is a foreign corporation authorized to transact business in the state.   History: En. Sec. 4, Ch. 360, L. 1981; amd. Sec. 40, Ch. 227, L. 2001.
MT Code § 33-14-203 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 14. Insurance Premium Finance Companies|Part 2. Licensing|33-14-203. License revocation -- suspension

  33-14-203. License revocation -- suspension. The commissioner may revoke or suspend the license of a premium finance company when and if after investigation it appears to the commissioner that:   (1) a license issued to the company was obtained by fraud;   (2) there was misrepresentation in the application for the license;   (3) the holder of the license has otherwise been shown untrustworthy or incompetent to act as a premium finance company; or   (4) the company has violated any provisions of this chapter.   History: En. Sec. 5, Ch. 360, L. 1981; amd. Sec. 1180, Ch. 56, L. 2009.
MT Code § 33-14-204 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 14. Insurance Premium Finance Companies|Part 2. Licensing|33-14-204. Records required of licensees -- form -- inspection

  33-14-204. Records required of licensees -- form -- inspection. (1) Every premium finance company shall maintain records of its premium finance transactions, and the records must be open to examination and investigation by the commissioner. The commissioner may at any time require the company to bring records that the commissioner may direct to the commissioner's office for examination.   (2) Every premium finance company shall preserve its records of premium finance transactions for at least 3 years after making the final entry in respect to any premium finance agreement. The records may be preserved in photographic form.   History: En. Sec. 6, Ch. 360, L. 1981; amd. Sec. 1181, Ch. 56, L. 2009.
MT Code § 33-14-301 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 14. Insurance Premium Finance Companies|Part 3. Operation and Regulation|33-14-301. Premium finance agreements -- contents -- form -- delivery

  33-14-301. Premium finance agreements -- contents -- form -- delivery. (1) A premium finance agreement must:   (a) be dated and signed by the insured or by any person authorized in writing to act in behalf of the insured, and the printed portion of the agreement must be in at least 8-point type;   (b) contain the name and place of business of the insurance producer negotiating the related insurance policy, the name and residence or the place of business of the insured as specified by the insured, the name and place of business of the premium finance company to which payments are to be made, and a description of the insurance policies involved and the amount of the premium for the policies; and   (c) set forth when applicable:   (i) the total amount of the premiums;   (ii) the amount of the downpayment;   (iii) the principal balance, which is the difference between the items enumerated in subsections (1)(c)(i) and (1)(c)(ii);   (iv) the amount of the finance charge;   (v) the balance payable by the insured, which is the sum of the items enumerated in subsections (1)(c)(iii) and (1)(c)(iv); and   (vi) the number of installments required, the amount of each installment expressed in dollars, and the due date or period of the installments.   (2) The items set out in subsection (1)(c) are not required to be stated in the sequence or order in which they appear in that subsection, and additional items may be included to explain the computations made in determining the amount to be paid by the insured.   (3) The information required by subsection (1) may be required in the initial agreement only if the premium finance company and the insured enter into an open-end credit transaction, which is defined as a plan prescribing the terms of credit transactions that may be made under the plan from time to time and under the terms of which a finance charge may be computed on the outstanding unpaid balance from time to time under the plan.   (4) The premium finance company or the insurance producer shall deliver to the insured or mail to the insured at the address shown in the agreement a complete copy of the agreement.   History: En. Sec. 7, Ch. 360, L. 1981; amd. Sec. 1, Ch. 713, L. 1989; amd. Sec. 1182, Ch. 56, L. 2009.
MT Code § 33-14-302 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 14. Insurance Premium Finance Companies|Part 3. Operation and Regulation|33-14-302. Charges for premium financing regulated -- method of computation

  33-14-302. Charges for premium financing regulated -- method of computation. (1) A premium finance company may not charge, contract for, receive, or collect a finance charge other than as permitted by this chapter.   (2) The finance charge must be computed on the balance of the premiums due, after subtracting the downpayment made by the insured in accordance with the premium finance agreement, from the effective date of the insurance coverage for which the premiums are being advanced to and including the date when the final payment of the premium finance agreement is payable.   (3) Notwithstanding any other provision of law, the finance charge may not exceed interest at the annual rate of 21%, plus a service charge of $12.50 per premium finance agreement. The service charge of $12.50 is not required to be refunded upon cancellation or prepayment.   (4) An insured may prepay the premium finance agreement in full at any time prior to the due date of the final payment, and upon payment the unearned finance charge must be refunded.   History: En. Sec. 8, Ch. 360, L. 1981; amd. Sec. 1183, Ch. 56, L. 2009.
MT Code § 33-14-303 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 14. Insurance Premium Finance Companies|Part 3. Operation and Regulation|33-14-303. Delinquency charges regulated

  33-14-303. Delinquency charges regulated. (1) A premium finance agreement may provide for the payment by the insured of a delinquency charge of $1 to a maximum of 5% of the delinquent installment but not to exceed $5 on any installment that is in default for 5 days or more.   (2) If the default results in the cancellation of any insurance contract listed in the agreement, the agreement may provide for payment by the insured of a cancellation charge equal to the difference between any delinquency charge or default charge imposed with respect to the installment in default and $5. A premium finance agreement may also provide for the payment of attorney's fees and court costs if the agreement is referred for collection to an attorney not a salaried employee of the insurance premium finance company.   History: En. Sec. 9, Ch. 360, L. 1981.