Oregon Code § 746.495·Enacted ·Last updated March 01, 2026
Statute Text
Delinquency charges regulated.
(1) A premium finance agreement may provide for the payment by the insured of a
delinquency charge for any payment that is in default for a period of 10 days
or more. Such charge may be made for each month or fraction thereof that the
payment is in default. The amount of such charge may be a minimum of $1 and as
a maximum shall be subject to the following limits:
(a) For
delinquent payments of less than $250, five percent of the payment or $5,
whichever is less; or
(b) For
delinquent payments of $250 or more, two percent of the payment.
(2) If a payment
default results in the cancellation of any insurance policy listed in the
agreement, the agreement may provide for the payment by the insured of a
cancellation charge of $5, less any delinquency charges imposed in respect to
the payment in default. [1969 c.639 §11]