Vermont § 7008 - Delinquency and collection charges
Full text of Vermont Vermont Statutes Online § 7008 — Delinquency and collection charges, with citation guidance and answers to common questions.
§ 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.)
Frequently Asked Questions About Vermont § 7008
What does Vermont Statutes Online § 7008 cover?
Section 7008 ("Delinquency and collection charges") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 7008?
A common citation format is "Vermont Statutes Online § 7008" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 7008 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.