|Targeted News Service|
According to the assurance of discontinuance, filed in
This statute works in conjunction with other provisions to ensure that customers have adequate time to bring their accounts current before their policies lapse and they are forced to take vehicles off the road or seek replacement coverage.
"We allege that Flatiron failed to provide enough time to
Flatiron is a company that provides loans that enable people to pay their insurance premiums in installments. A premium financing provider uses the unearned premium on the policy as collateral for the loan. If a customer misses a scheduled payment, the premium financing provider may seek to cancel the policy.
Under the terms of the settlement, Flatiron will make payments totaling more than
The AG's Office began its investigation of illegal cancellation practices by premium financing providers in 2011. This is the second investigation to result in corrective action and payments to
This matter was handled by Assistant Attorney General
TNS JF78JF-130130-4184859 EditorFurigay
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