(a) A premium finance company shall not charge, contract for, receive, or collect a service charge other than as permitted by this chapter.
(b) The service charge is to be computed on the balance of the premiums due (after subtracting the downpayment made by the insured in accordance with the premium finance agreement) from the effective date of the insurance coverage, for which the premiums are being advanced, to and including the date when the final installment of the premium finance agreement is payable.
(c) The service charge shall be a maximum of $10 per $100 per year plus an additional charge of $20 per premium finance contract which need not be refunded upon cancellation or prepayment.
(Oct. 9, 1940, ch. 792, ch. III, § 59; Apr. 18, 1966, 80 Stat. 126, Pub. L. 89-403, § 1; Nov. 15, 1983, D.C. Law 5-40, § 2(a), 30 DCR 4994.)
1981 Ed., § 35-1559.
1973 Ed., § 35-1369.
Structure District of Columbia Code
Title 31 - Insurance and Securities
Chapter 11 - Insurance Premium Finance Companies
§ 31–1101. Applicability of provisions
§ 31–1103. Licenses — Persons required to obtain; fees; other requirements
§ 31–1104. Licenses — Issuance or renewal
§ 31–1107. Rules and regulations
§ 31–1108. Form and contents of agreements
§ 31–1110. Delinquency charges