Virginia § 38.2-4706 - Default charge; bad check charge
Full text of Virginia Code of Virginia § 38.2-4706 — Default charge; bad check charge, with citation guidance and answers to common questions.
§ 38.2-4706. Default charge; bad check charge
A. If any installment under a premium finance agreement is not paid in full within seven days after it is due, Sundays and holidays included, the insurance premium finance company may charge and collect a default charge not to exceed five percent of the installment. The default charge shall be collected only once on any installment.
B. An insurance premium finance company may charge and collect a fee, not in excess of twenty dollars, for each check returned to the insurance premium finance company because the drawer had no account or insufficient funds in the payor bank.
1981, c. 107, § 38.1-740.2; 1986, c. 562; 1994, c. 123.
Frequently Asked Questions About Virginia § 38.2-4706
What does Code of Virginia § 38.2-4706 cover?
Section 38.2-4706 ("Default charge; bad check charge") is part of the Code of Virginia, the codified statutory law of Virginia. 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 Virginia § 38.2-4706?
A common citation format is "Code of Virginia § 38.2-4706" (Virginia). 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 Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 38.2-4706 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia 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 Virginia.