Page:United States Statutes at Large Volume 80 Part 1.djvu/165

 80 STAT.]

PUBLIC LAW 89.404-APRIL 19, 1966

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" (b) Not less than ten days' written notice shall be mailed to the n oCancellation tice. insured of the intent of the premium finance company to cancel the insurance contract unless the default is cured within such ten-day period. " (c) After expiration of such ten-day period, the premium finance company may thereafter request in the name of the insured, cancellation of such insurance contract or contracts by mailing to the insurer a notice of cancellation, and the insurance contract shall be canceled as if such notice of cancellation had been submitted by the insured himself, but without requiring the return of the insurance contract or contracts. The premium finance company shall also mail a notice of cancellation to the insured at his last known address, " (d) All statutory, regulatory, and contractual restrictions providing that the insurance contract may not be canceled unless notice is given to a, governmental agency, mortgagee, or other third party shall apply where cancellation is effected under the provisions of this section. The insurer shall give the prescribed notice in behalf of itself or the insured to any governmental agency, mortgagee, or other third party on or before the second business day after the day it receives the notice of cancellation from the premium finance company and shall determine the effective date of cancellation taking into consideration the number of days notice required to complete the cancellation. "(e) Whenever an insurance contract is cancelled in accordance Return of pre with this section, the insurer shall return whatever gross unearned miums. premiums are due under the insurance contract to the premium finance company effecting the cancellation for the account of the insured or insureds. " (f) I n the event that the crediting of return premiums to the ac- Refund. count of the insured results in a surplus over the amount due from the insured, the premium finance company shall refund such excess to the insured provided that no such refund shall be required if it amounts to less than $1. " SEC. 62. EXEMPTION FROM A N Y FILING REQUIREMENT.—No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrances, successors, or assigns." SEC. 2. The amendments made by this Act shall take effect on the Effective date. sixtieth day after the date of enactment. Approved Apr^l 18, 1966.

Public Law 89-404 AN ACT To promote a more adequate national program of water research.

Be it enacted by the Senate and House of Rejwesentatives of the United States of America in Congress assembled, That section 200 of the Water Resources Research Act of 1964 (78 Stat. 331, 42 U.S.C. 1961b) is hereby amended to read as follows: "SEC. 200. (a) There are authorized to be appropriated to the Secretary of the Interior $5,000,000 for the fiscal year 1967, $6,000,000 for the fiscal year 1968, $7,000,000 for the fiscal year 1969, $8,000,000 for the fiscal year 1970, $9,000,000 for the fiscal year 1971, and $10,000,000 for each of the fiscal years 1972-1976, inclusive, from which appropriations the Secretary may make grants to and finance contracts and

April 19, 1966 [S. 22]

Water research program. Appropriations.

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