Extract to table
Pull the structured facts out of a document: parties, dates, amounts, obligations.
Extract to table / state-premium-finance-licensing-memo.docx
state-premium-finance-licensing-memo.docx
Parties
Harkness LLP
Quorum Premium Finance LLC
Quorum Insurance Holdings Corp
Quorum Receivables Holding LLC
M. Vasquez
Fortbridge Corporate Services LLC
M. Best Company
Dates
August 10, 2022
June 30, 2022
July 18, 2022
August 5, 2022
December 31, 2022
August 10, 2023
March 31, 2023
June 30, 2023
September 2, 2022
Amounts
$500,000,000
$2.1
$612,000,000
$7,427
$485,000,000
$15,000,000
$25,000
$250,000
$10,000
$100,000
Obligations
The eligible receivables criteria in the proposed transaction documents must incorporate compliance with applicable usury and licensing laws as a condition of eligibility
Vasquez, a principal of Fortbridge Corporate Services LLC, who must consent to any voluntary bankruptcy filing by QRH
Whether QRH and QRF 2022-1, as purchasers and holders of premium finance receivables, must themselves hold premium finance company licenses under applicable state law
During the revolving period, QPF must maintain its licenses in all states to continue originating eligible receivables for sale into the pool
B below, most states impose maximum permissible finance charges on premium finance agreements, which licensed premium finance companies must observe
Premium finance statutes prescribe specific procedures that must be followed when a premium finance company seeks to cancel a financed insurance policy due to the insured's default