2011 Oregon Revised Statutes
ORS Volume 16, Chapters 705 - 752
ORS Chapter 746
746.495 Delinquency charges regulated.
(1) A premium finance agreement may provide for the payment by the insured of a delinquency charge for any payment that is in default for a period of 10 days or more. Such charge may be made for each month or fraction thereof that the payment is in default. The amount of such charge may be a minimum of $1 and as a maximum shall be subject to the following limits:
(a) For delinquent payments of less than $250, five percent of the payment or $5, whichever is less; or
(b) For delinquent payments of $250 or more, two percent of the payment.
(2) If a payment default results in the cancellation of any insurance policy listed in the agreement, the agreement may provide for the payment by the insured of a cancellation charge of $5, less any delinquency charges imposed in respect to the payment in default. [1969 c.639 11]
Disclaimer: These codes may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
