Title 33, Chapter 22, Section 10
(a) A premium finance agreement may provide for the payment by the
insured of a delinquency charge ranging in amount from $1.50 to a
maximum of 5 percent of the delinquent payment on any payment which
is in default for a period of five days or more. If the default
results in the cancellation of any insurance contract listed in the
agreement, the agreement may provide for the payment by the insured
of a cancellation charge of $15.00 in the case of a commercial
insurance premium finance agreement or $5.00 in the case of a
consumer insurance premium finance agreement.
(b) A premium finance agreement may provide for a returned check fee
of $20.00 for each installment payment check returned by the
financial institution as the result of insufficient funds.