Code of Virginia § 38.2-4706. Default charge; bad check charge.
109 words·~1 min read·
/va/title-38-2/chapter-47/38-2-4706A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. If any installment under a premium finance agreement is not paid in full within seven days after it is due, Sundays and holidays included, the insurance premium finance company may charge and collect a default charge not to exceed five percent of the installment. The default charge shall be collected only once on any installment.
B. An insurance premium finance company may charge and collect a fee, not in excess of twenty dollars, for each check returned to the insurance premium finance company because the drawer had no account or insufficient funds in the payor bank.
1981, c. 107, § 38.1-740.2; 1986, c. 562; 1994, c. 123 .