Section 22. This chapter shall not affect the inclusion of a charge for insurance on a bona fide sale of property, goods or services on instalments, nor shall it apply to insurance premiums financed at not more than six dollars per one hundred dollars per annum including all fees and charges of every name, nature and description. Nothing contained in this chapter or in chapter one hundred and seventy-five shall prohibit the addition by an insurance agent or broker not licensed as a premium finance agent of a late charge for late payment of a premium so long as any such charge does not exceed one and one-half per cent of the unpaid balance per month; provided, however, that such late charge shall not be imposed in the event payment is received within forty-five days from the effective date of the policy. Such insurance agent or broker may impose such a charge only if his bills, statements or invoices issued to a policyholder state that such a charge will be made in the event of late payment.
This chapter shall not apply to policies of life, endowment and retirement income insurance or annuity contracts and contracts supplementary thereto.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
