The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Cheryl Cooper.
DIGEST
SB 185 Original 2016 Regular Session Morrish
Present law defines a premium finance agreement as an agreement by which an insured or
prospective insured promises to pay to an insurance premium finance company the amount advanced
or to be advanced under the agreement in payment of premiums on an insurance contract.
Proposed law retains present law and allows a premium finance agreement to include a loan
agreement with the policyholder for wind mitigation retrofits to the insured property. Further
requires the homeowners insurance policy to be issued to a homeowner who has financed the cost
of wind mitigation retrofits with a consumer finance company for the purpose of obtaining wind
mitigation and other credits on his homeowners insurance policy.
Effective August 1, 2016.
(Amends R.S. 9:3550(B))