With respect to a revolving loan account or other similar arrangement which may be used by the debtor exclusively for the purpose of obtaining credit to finance medical goods and services, the parties may contract for a delinquency charge on any installment not paid in full within ten (10) days after its scheduled due date in an amount, not exceeding the greater of: Five Dollars ($5.00) or five percent (5%) of the unpaid amount of the installment. For purposes of this section, the term "installment" shall mean, with respect to a revolving loan account, the minimum periodic payment required to be made by the debtor under the terms of the account agreement between the lender and the debtor.
Added by Laws 1988, c. 114, § 2, emerg. eff. April 6, 1988.