{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/38.2-4706.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/38.2-4706.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/38.2-4706.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/38.2-4706.html"}],"law_id":362700,"edition_id":2,"section_id":362700,"structure_id":51785,"section_number":"38.2-4706","catch_line":"Default charge; bad check charge","history":"1981, c. 107, \u00a7 38.1-740.2; 1986, c. 562; 1994, c. 123.","full_text":"A\n\nIf 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.\n\nB\n\nAn 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.\n\n","order_by":null,"text":{"0":{"id":1350818,"text":"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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1350819,"text":"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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":51785,"edition_id":2,"name":"Insurance Premium Finance Companies","identifier":"47","label":"chapter","depth":2,"order_by":49,"parent_id":51644,"metadata":{"child_laws":13,"child_structures":0},"date_created":"2026-08-02 02:48:44","date_modified":"2026-08-02 12:33:20","permalink":{"id":1444237,"object_type":"structure","relational_id":51785,"identifier":"47","token":"38.2\/47","url":"\/38.2\/47\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51644,"edition_id":2,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":88,"parent_id":null,"metadata":{"child_laws":1890,"child_structures":173},"date_created":"2026-08-02 02:45:30","date_modified":"2026-08-02 12:32:55","permalink":{"id":1437663,"object_type":"structure","relational_id":51644,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":362694,"structure_id":51785,"section_number":"38.2-4700","catch_line":"What persons deemed insurance premium finance companies","url":"\/38.2-4700\/","token":"38.2\/47\/38.2-4700","metadata":false},{"id":362695,"structure_id":51785,"section_number":"38.2-4701","catch_line":"License required; application; fee","url":"\/38.2-4701\/","token":"38.2\/47\/38.2-4701","metadata":{"court_decisions":""}},{"id":362696,"structure_id":51785,"section_number":"38.2-4702","catch_line":"Investigation of applicant; issuance of license","url":"\/38.2-4702\/","token":"38.2\/47\/38.2-4702","metadata":false},{"id":362697,"structure_id":51785,"section_number":"38.2-4703","catch_line":"Renewal of license","url":"\/38.2-4703\/","token":"38.2\/47\/38.2-4703","metadata":false},{"id":362698,"structure_id":51785,"section_number":"38.2-4704","catch_line":"Suspension, revocation or failure to renew license; imposition of penalty","url":"\/38.2-4704\/","token":"38.2\/47\/38.2-4704","metadata":false},{"id":362699,"structure_id":51785,"section_number":"38.2-4705","catch_line":"Maximum interest rate and maximum service charge on premium finance agreement","url":"\/38.2-4705\/","token":"38.2\/47\/38.2-4705","metadata":{"court_decisions":{"0":{"name":"Devnew v. Brown & Brown, Inc.","case_number":"Civ.A.2:05CV00400","citation":"396 F. Supp. 2d 665","date":"2005-10-17","url":"https:\/\/www.courtlistener.com\/opinion\/2567270\/devnew-v-brown-brown-inc\/","abstract":" .\u202f.\u202f. 396 F.Supp.2d 665 (2005) .\u202f.\u202f. ","court_html":"District Court, E.D. Virginia"}}}},{"id":362700,"structure_id":51785,"section_number":"38.2-4706","catch_line":"Default charge; bad check charge","url":"\/38.2-4706\/","token":"38.2\/47\/38.2-4706","metadata":{"court_decisions":""}},{"id":362701,"structure_id":51785,"section_number":"38.2-4707","catch_line":"Forms of premium finance agreements and related forms to be approved by Commission; false or misleading statements or omissions prohibited","url":"\/38.2-4707\/","token":"38.2\/47\/38.2-4707","metadata":{"court_decisions":""}},{"id":362702,"structure_id":51785,"section_number":"38.2-4708","catch_line":"Examination of books and records of company; bond; rules and regulations; order by Commission to remedy concerns","url":"\/38.2-4708\/","token":"38.2\/47\/38.2-4708","metadata":{"court_decisions":""}},{"id":362703,"structure_id":51785,"section_number":"38.2-4709","catch_line":"Disposition of license and other fees","url":"\/38.2-4709\/","token":"38.2\/47\/38.2-4709","metadata":{"court_decisions":""}},{"id":362704,"structure_id":51785,"section_number":"38.2-4710","catch_line":"Penalty for engaging in business without license","url":"\/38.2-4710\/","token":"38.2\/47\/38.2-4710","metadata":{"court_decisions":""}},{"id":362705,"structure_id":51785,"section_number":"38.2-4711","catch_line":"Exemptions","url":"\/38.2-4711\/","token":"38.2\/47\/38.2-4711","metadata":{"court_decisions":""}},{"id":362706,"structure_id":51785,"section_number":"38.2-4712","catch_line":"Validity of secured transactions","url":"\/38.2-4712\/","token":"38.2\/47\/38.2-4712","metadata":{"court_decisions":""}}],"previous_section":{"id":362699,"structure_id":51785,"section_number":"38.2-4705","catch_line":"Maximum interest rate and maximum service charge on premium finance agreement","url":"\/38.2-4705\/","token":"38.2\/47\/38.2-4705","metadata":{"court_decisions":{"0":{"name":"Devnew v. Brown & Brown, Inc.","case_number":"Civ.A.2:05CV00400","citation":"396 F. Supp. 2d 665","date":"2005-10-17","url":"https:\/\/www.courtlistener.com\/opinion\/2567270\/devnew-v-brown-brown-inc\/","abstract":" .\u202f.\u202f. 396 F.Supp.2d 665 (2005) .\u202f.\u202f. ","court_html":"District Court, E.D. Virginia"}}}},"next_section":{"id":362701,"structure_id":51785,"section_number":"38.2-4707","catch_line":"Forms of premium finance agreements and related forms to be approved by Commission; false or misleading statements or omissions prohibited","url":"\/38.2-4707\/","token":"38.2\/47\/38.2-4707","metadata":{"court_decisions":""}},"metadata":{"court_decisions":""},"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-4706\/","history_text":"

This law was first created in 1981. The record of its establishment is cataloged in chapter 107 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1981 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1986, chapter 562; in 1994, chapter 123<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1444263,"object_type":"law","relational_id":362700,"identifier":"38.2-4706","token":"38.2\/47\/38.2-4706","url":"\/38.2-4706\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/38.2-4706\/","token":"38.2\/47\/38.2-4706","dublin_core":{"Title":"Default charge; bad check charge","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-4706","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> 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<\/span> premium finance company<\/span> may charge and collect a default<\/span> charge not to exceed five percent of the installment. The default<\/span> charge shall be collected only once on any installment. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> An insurance<\/span> premium finance company<\/span> may charge and collect a fee, not in excess of twenty dollars, for each check returned to the insurance<\/span> premium finance company<\/span> because the drawer had no account or insufficient funds in the payor bank. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFAULT CHARGE; BAD CHECK CHARGE (\u00a7 38.2-4706)\n\nA. If any installment under a premium finance agreement is not paid in full\nwithin seven days after it is due, Sundays and holidays included, the insurance\npremium finance company may charge and collect a default charge not to exceed\nfive percent of the installment. The default charge shall be collected only once\non any installment.\n\nB. An insurance premium finance company may charge and collect a fee, not in\nexcess of twenty dollars, for each check returned to the insurance premium\nfinance company because the drawer had no account or insufficient funds in the\npayor bank.\n\nHISTORY: 1981, c. 107, \u00a7 38.1-740.2; 1986, c. 562; 1994, c. 123.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}