Section 56-6-301 - Charges on unpaid balances on premium payments - Time-price differentialInsurance agents licensed in this state may charge, receive and collect on the principal balance of unpaid insurance and bond premiums a time-price differential not to exceed the rate now provided for retail merchants under the Retail Installment Sales Act, compiled in title 47, chapter 11:
(1) On so much of the principal balance as does not exceed five hundred dollars ($500), ten dollars ($10.00) per one hundred dollars ($100) per year;(2) If the principal balance exceeds five hundred dollars ($500), but is less than five thousand dollars ($5,000), eight dollars ($8.00) per one hundred dollars ($100) per year on that portion over five hundred dollars ($500); and(3) If the principal balance exceeds five thousand dollars ($5,000), six dollars ($6.00) per one hundred dollars ($100) per year on that portion over five thousand dollars ($5,000).Acts 1965, ch. 356, § 1; T.C.A., § 56-714.