955 CMR, § 2.02 - Finance Charges
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.
Notes
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