§ 19-14.6-3 - Delinquency and cancellation charges.
SECTION 19-14.6-3
§ 19-14.6-3 Delinquency and cancellationcharges. – (a) An insurance premium finance agreement may provide for payment by theinsured of a delinquency charge ranging from one dollar ($1.00) to a maximum offive percent (5%) of an installment which is in default for a period of five(5) days or more.
(b) The agreement may provide for payment by the insured of acancellation charge of fifteen dollars ($15.00), if the default results incancellation of any insurance contract or contracts listed in the agreement.
(c) An agreement may also provide for payment, upon default,of reasonable costs of collection, including reasonable attorneys' fees.
(d) none of the charges referred to in this section shall beconsidered directly or indirectly in determining whether a violation of theusury laws has occurred under an agreement.