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59A.10 DEFAULT CHARGES.
    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.
History: 1974 c 353 s 10; 1991 c 283 s 1

Official Publication of the State of Minnesota
Revisor of Statutes