§ 23-306. Delinquency and collection charges
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 23-306
§ 23-306. Delinquency and collection charges
(a) A premium finance agreement may require the insured to pay a delinquency and collection charge on each installment that is in default for a period of not less than 5 days.
(b) A delinquency and collection charge shall be at least $1, up to a maximum of 5% of the installment in default, but may not exceed:
Credits
Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 1997, c. 708, § 1, eff. Oct. 1, 1997; Acts 2002, c. 356, § 1, eff. Oct. 1, 2002.
Formerly Art. 48A, § 486F.
MD Code, Insurance, § 23-306, MD INSURANCE § 23-306
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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