33-14-303. Delinquency charges regulated.
136 words·~1 min read·
/mt/title-33/chapter-14/part-3/33-14-303·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
33-14-303 . Delinquency charges regulated.
(1)A premium finance agreement may provide for the payment by the insured of a delinquency charge of $1 to a maximum of 5% of the delinquent installment but not to exceed $5 on any installment that is in default for 5 days or more.
(2)If the default results in the cancellation of any insurance contract listed in the agreement, the agreement may provide for payment by the insured of a cancellation charge equal to the difference between any delinquency charge or default charge imposed with respect to the installment in default and $5. A premium finance agreement may also provide for the payment of attorney's fees and court costs if the agreement is referred for collection to an attorney not a salaried employee of the insurance premium finance company.