District of Columbia Statutes
§ 31-1109 — Service charges.
(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.
Free access — add to your briefcase to read the full text and ask questions with AI
District of Columbia § 31-1109 (Service charges.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
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
Nearby Sections
15
§ 31-1001
Report requirement.§ 31-1004
Confidentiality.§ 31-101
Definitions.§ 31-103
Functions and duties.§ 31-105
Transfers.§ 31-106
Organization.§ 31-106.01
Student Loan Ombudsman.§ 31-106.02a
Prohibited conduct – student loan servicers.§ 31-106.02b
Affirmative duties – student loan servicers.§ 31-106.02c
Prohibited acts – private education lenders.