Maryland § 23-301.2
Full text of Maryland Maryland Code § 23-301.2, with citation guidance and answers to common questions.
§ 23-301.2.
(a) (1) With respect to private passenger motor vehicle insurance and personal insurance, a premium finance company may:
(i) assign all rights and obligations under a premium finance agreement to another premium finance company that is registered in the State under this title; or
(ii) pledge a premium finance agreement as collateral for a loan.
(2) If a premium finance company assigns the obligation to service a premium finance agreement to another premium finance company under paragraph (1)(i) of this subsection, the assigning premium finance company shall notify the insured in accordance with subsection (c) of this section:
(i) that the obligation to service the premium finance agreement has been assigned to another premium finance company that is registered in the State under this title; and
(ii) of the name, address, and telephone number of the premium finance company to which the obligation has been assigned.
(b) (1) With respect to commercial automobile, fire, or liability insurance, a premium finance company:
(i) except as provided in paragraph (2) of this subsection, may assign all rights and obligations under a premium finance agreement to another person if the premium finance agreement expressly confers the right to assign all rights and obligations under the premium finance agreement; or
(ii) may pledge a premium finance agreement as collateral for a loan.
(2) A premium finance company that assigns rights and obligations under paragraph (1)(i) of this subsection shall:
(i) retain the obligation to service the premium finance agreement; or
(ii) assign the obligation to service the premium finance agreement to another premium finance company that is registered in the State under this title.
(3) If a premium finance company assigns the obligation to service a premium finance agreement to another premium finance company under paragraph (2)(ii) of this subsection, the assigning premium finance company shall notify the insured in accordance with subsection (c) of this section:
(i) that the obligation to service the premium finance agreement has been assigned to another premium finance company that is registered in the State under this title; and
(ii) of the name, address, and telephone number of the premium finance company to which the obligation has been assigned.
(c) A notice required under subsection (a)(2) or (b)(3) of this section shall be by:
(1) first–class mail; or
(2) if the premium finance company meets the requirements for delivering a notice under § 27–601.2 of this article, electronic means.
Frequently Asked Questions About Maryland § 23-301.2
What does Maryland Code § 23-301.2 cover?
Section 23-301.2 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 23-301.2?
A common citation format is "Maryland Code § 23-301.2" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 23-301.2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.