§ 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 which 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.)
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