Code of Massachusetts Regulations
955 CMR - INSURANCE PREMIUM FINANCE AGENCY
Title 955 CMR 2.00 - The Financing Of Insurance Premiums
Section 2.02 - Finance Charges
Universal Citation: 955 MA Code of Regs 955.2
Current through Register 1537, December 20, 2024
The charge for interest on an insurance premium finance agreement shall not be in excess of 18% per annum of the unpaid balances of the amount financed calculated according to the actuarial method plus an administrative fee of $16.00 upon the granting of the credit. The administrative fee may not be charged when the proceeds of an agreement are used to prepay an outstanding agreement, and such fee may be excluded from any refund or credit due upon prepayment in full of the agreement.
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