Vermont Statutes Title 8 Sec. 7008
Terms Used In Vermont Statutes Title 8 Sec. 7008
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- Insurance premium finance agreement: means an agreement by which an insured or prospective insured promises to pay to an insurance premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums of an insurance contract together with interest and a service charge as authorized and limited by this chapter. See
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
§ 7008. Delinquency and collection charges
(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.)