(a) A premium finance agreement may require the insured to pay a delinquency and collection charge on each installment that is in default for a period of not less than 5 days.
(b) A delinquency and collection charge shall be at least $1, up to a maximum of 5% of the installment in default, but may not exceed:
(1) $8, with respect to private passenger automobile or personal fire or liability insurance; and
(2) $100, with respect to commercial automobile, fire, or liability insurance.
(c) Only one delinquency and collection charge may be collected on an installment, regardless of the period during which the installment remains in default.