Subdivision 1. Delinquencies. A premium finance agreement may provide for payment by the insured of a delinquency charge. The delinquency charge may not exceed five percent of the delinquent installment. The delinquency charge may be imposed upon any installment which is in default for a period of ten days or more.
Subd. 2. Cancellations and collections. If the default results in the cancellation or subsequent reinstatement of any insurance contract listed in the agreement, the agreement may provide for payment by the insured of a cancellation charge of $10. A premium finance agreement may also provide for the payment of statutory attorneys fees and statutory court costs if the agreement is referred for collection to an attorney not a salaried employee of the insurance premium finance company.
1974 c 353 s 10; 1991 c 283 s 1
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 59A — Insurance Premium Finance Companies
Section 59A.03 — Licenses; Penalty.
Section 59A.04 — Action By Commissioner On Application.
Section 59A.05 — Revocation And Suspension Of Licenses.
Section 59A.06 — Books And Records.
Section 59A.07 — Power To Make Rules.
Section 59A.08 — Premium Finance Agreements.
Section 59A.09 — Maximum Finance Charge.
Section 59A.10 — Default Charges.
Section 59A.11 — Cancellation Of Insurance Contract Upon Default.
Section 59A.12 — Application Of Unearned Premiums.