Mass. Gen. Laws ch. 255C § 16

Current through Chapters 1 to 249 and Chapters 253 to 255 of the 2024 Legislative Session

Section 255C:16 - Prohibited provisions in agreements

No premium finance agreement shall contain any provision whereby

(a) in the absence of default of the insured, the premium finance agency holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part or all of the amount owing thereunder;

(b) a power of attorney is given to confess judgment in this commonwealth; or

(c) the insured relieves the insurance agent or broker or the premium finance agency holding the agreement from liability for any legal rights or remedies which the insured may otherwise have against him.

Mass. Gen. Laws ch. 255C, § 16