§ 38.2-4706. Default charge; bad check charge
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.)Sections: Previous 38.2-4700 38.2-4701 38.2-4702 38.2-4703 38.2-4704 38.2-4705 38.2-4706 38.2-4707 38.2-4708 38.2-4709 38.2-4710 38.2-4711 38.2-4712 Next
Last modified: April 3, 2009