Search OpenLegislation Statutes
This entry was published on 2014-09-22
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§ 575. Refinancing. A premium finance agency may, upon agreement with
the insured, extend the scheduled due date or defer the scheduled
payment of all or of any part of any instalment or instalments payable
thereunder. The agreement for such extension or deferment must be in
writing and signed by the parties thereto. The premium finance agency
may charge and contract for the payment of an extension or deferral
charge by the insured and collect and receive the same, but such charge
may not exceed an amount equal to one per centum per month simple
interest on the amount of the instalment or instalments, or part
thereof, extended or deferred for the period of extension or deferral.
Such period shall not exceed the period from the date when such extended
or deferred instalment or instalments, or part thereof, would have been
payable in the absence of such extension or deferral, to the date when
such instalment or instalments, or part thereof, are made payable under
the agreement of extension or deferment; except that a minimum charge of
one dollar for the period of extension or deferral may be made in any
case where the extension or deferral charge, when computed at such rate,
amounts to less than one dollar.