- (a) An insurance premium finance agreement may provide for the payment by the insured of a delinquency charge of $1.00 to a maximum of five percent of the amount of the delinquent installment that is in default for a period of five days or more, whichever is greater.
- (b) An insurance premium finance agreement may provide for payment of reasonable collection and court costs, and attorney’s fees of not more than 25 percent of the outstanding indebtedness.
- (c) None of the charges referred to in this section shall be considered directly or indirectly in determining whether a violation of the usury laws has occurred under an insurance premium finance agreement.
(Added 1983, No. 77, § 1.)