§ 48.56.090. Service charge
(1) A premium finance company shall not charge, contract for, receive, or collect a service charge other than as permitted by this chapter.
(2) The service charge is to be computed on the balance of the premiums due (after subtracting the down payment made by the insured in accordance with the premium finance agreement) from the effective date of the insurance coverage, for which the premiums are being advanced, to and including the date when the final installment of the premium finance agreement is payable.
(3) The service charge shall be a maximum of ten dollars per one hundred dollars per year plus an acquisition charge of ten dollars per premium finance agreement which need not be refunded upon cancellation or prepayment.
[1969 ex.s. c 190 § 9.]
Sections: Previous 48.56.010 48.56.020 48.56.030 48.56.040 48.56.050 48.56.060 48.56.070 48.56.080 48.56.090 48.56.100 48.56.110 48.56.120 48.56.130 48.56.900 NextLast modified: April 7, 2009