2006 Code of Virginia § 38.2-4706 - Default charge; bad check charge
38.2-4706. Default charge; bad check charge.
A. If any installment under a premium finance agreement is not paid in fullwithin seven days after it is due, Sundays and holidays included, theinsurance premium finance company may charge and collect a default charge notto exceed five percent of the installment. The default charge shall becollected only once on any installment.
B. An insurance premium finance company may charge and collect a fee, not inexcess of twenty dollars, for each check returned to the insurance premiumfinance company because the drawer had no account or insufficient funds inthe payor bank.
(1981, c. 107, 38.1-740.2; 1986, c. 562; 1994, c. 123.)
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