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Searching 2023-2024 Session

The Vermont Statutes Online

The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.

NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.

Title 8 : Banking and Insurance

Chapter 143 : Insurance Premium Finance Companies

(Cite as: 8 V.S.A. § 7008)
  • § 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.)