If, within 15 business days after the date of written notice from a financial institution that the initial down payment for the coverage being financed has been dishonored, an insurer receives notice of the dishonor from an insurance producer or premium finance company, there is no valid insurance contract or insurance contracts, and the policy shall be voided.

Added by Acts 1997, c. 273, § 1, eff. Oct. 1, 1997. Amended by Acts 1998, c. 716, § 1, eff. Oct. 1, 1998; Acts 2001, c. 731, § 1, eff. July 2, 2001; Acts 2006, c. 194, § 1, eff. Oct. 1, 2006.