Part 5 CONSUMER CREDIT TRANSACTIONS; OTHER CHARGES AND MODIFICATIONS
Article 2.--FINANCE CHARGES AND RELATED PROVISIONS
16a-2-502.(UCCC) Delinquency charges.
(1) The
parties to a consumer credit transaction may contract for a delinquency charge
on any installment not paid in full within 10 days after its scheduled or
deferred due date in an amount not exceeding 5% of the unpaid amount
of the installment or $25, whichever is less.
(2) As an alternative to the delinquency charge set forth in subsection
(1), the parties to a consumer credit transaction may contract for a
delinquency charge not to exceed $10 on any installment not paid in full within
10 days after its scheduled or deferred due date, except that if the scheduled
payment amount is $25 or less, the maximum delinquency charge shall be $5.
(3) A delinquency charge may be
collected only once on an installment however long it remains in default. A
delinquency charge may be collected at the
time it accrues or at any time thereafter.
(4) No delinquency charge may be collected on an installment
which is
paid in full within 10 days after its scheduled or deferred
installment due date even though an earlier maturing installment or a
delinquency charge on an earlier installment may not have been paid in
full.
(5) For delinquency charge purposes, a payment made prior to the due date
of the next installment payment shall be applied to the previous installment.
For all other purposes, payments are applied to installments in the order in
which they fall due.
(6) Notwithstanding subsections (1), (2), (4) and (5), the parties to a
lender credit card agreement may contract for a delinquency charge in an amount
agreed to by the consumer and may impose such charge on any installment not
paid in full on the next business day following the scheduled due date of the
delinquent payment.
(7) Notwithstanding subsections (1), (2), (4), (5) and (6), no delinquency
charge may be collected on a lender credit card installment which is paid in
full on the next business day following the scheduled or deferred due date even
though an earlier maturing installment or a delinquency charge on an earlier
installment may not have been paid in full.
History: L. 1973, ch. 85, § 30; L. 1975, ch.
127, § 3;
L. 1988, ch. 85, § 7; L. 1988, ch. 86, § 4; L. 1988, ch. 87, § 4;
L. 1992, ch. 46, § 1;
L. 1993, ch. 200, § 8;
L. 1994, ch. 39, § 1;
L. 1996, ch. 166, § 4;
L. 1999, ch. 107, § 19; July 1.
Part 5 CONSUMER CREDIT TRANSACTIONS; OTHER CHARGES AND MODIFICATIONS
Article 2.--FINANCE CHARGES AND RELATED PROVISIONS
16a-2-502.(UCCC) Delinquency charges.
(1) The
parties to a consumer credit transaction may contract for a delinquency charge
on any installment not paid in full within 10 days after its scheduled or
deferred due date in an amount not exceeding 5% of the unpaid amount
of the installment or $25, whichever is less.
(2) As an alternative to the delinquency charge set forth in subsection
(1), the parties to a consumer credit transaction may contract for a
delinquency charge not to exceed $10 on any installment not paid in full within
10 days after its scheduled or deferred due date, except that if the scheduled
payment amount is $25 or less, the maximum delinquency charge shall be $5.
(3) A delinquency charge may be
collected only once on an installment however long it remains in default. A
delinquency charge may be collected at the
time it accrues or at any time thereafter.
(4) No delinquency charge may be collected on an installment
which is
paid in full within 10 days after its scheduled or deferred
installment due date even though an earlier maturing installment or a
delinquency charge on an earlier installment may not have been paid in
full.
(5) For delinquency charge purposes, a payment made prior to the due date
of the next installment payment shall be applied to the previous installment.
For all other purposes, payments are applied to installments in the order in
which they fall due.
(6) Notwithstanding subsections (1), (2), (4) and (5), the parties to a
lender credit card agreement may contract for a delinquency charge in an amount
agreed to by the consumer and may impose such charge on any installment not
paid in full on the next business day following the scheduled due date of the
delinquent payment.
(7) Notwithstanding subsections (1), (2), (4), (5) and (6), no delinquency
charge may be collected on a lender credit card installment which is paid in
full on the next business day following the scheduled or deferred due date even
though an earlier maturing installment or a delinquency charge on an earlier
installment may not have been paid in full.
History: L. 1973, ch. 85, § 30; L. 1975, ch.
127, § 3;
L. 1988, ch. 85, § 7; L. 1988, ch. 86, § 4; L. 1988, ch. 87, § 4;
L. 1992, ch. 46, § 1;
L. 1993, ch. 200, § 8;
L. 1994, ch. 39, § 1;
L. 1996, ch. 166, § 4;
L. 1999, ch. 107, § 19; July 1.
Part 5 CONSUMER CREDIT TRANSACTIONS; OTHER CHARGES AND MODIFICATIONS
Article 2.--FINANCE CHARGES AND RELATED PROVISIONS
16a-2-502.(UCCC) Delinquency charges.
(1) The
parties to a consumer credit transaction may contract for a delinquency charge
on any installment not paid in full within 10 days after its scheduled or
deferred due date in an amount not exceeding 5% of the unpaid amount
of the installment or $25, whichever is less.
(2) As an alternative to the delinquency charge set forth in subsection
(1), the parties to a consumer credit transaction may contract for a
delinquency charge not to exceed $10 on any installment not paid in full within
10 days after its scheduled or deferred due date, except that if the scheduled
payment amount is $25 or less, the maximum delinquency charge shall be $5.
(3) A delinquency charge may be
collected only once on an installment however long it remains in default. A
delinquency charge may be collected at the
time it accrues or at any time thereafter.
(4) No delinquency charge may be collected on an installment
which is
paid in full within 10 days after its scheduled or deferred
installment due date even though an earlier maturing installment or a
delinquency charge on an earlier installment may not have been paid in
full.
(5) For delinquency charge purposes, a payment made prior to the due date
of the next installment payment shall be applied to the previous installment.
For all other purposes, payments are applied to installments in the order in
which they fall due.
(6) Notwithstanding subsections (1), (2), (4) and (5), the parties to a
lender credit card agreement may contract for a delinquency charge in an amount
agreed to by the consumer and may impose such charge on any installment not
paid in full on the next business day following the scheduled due date of the
delinquent payment.
(7) Notwithstanding subsections (1), (2), (4), (5) and (6), no delinquency
charge may be collected on a lender credit card installment which is paid in
full on the next business day following the scheduled or deferred due date even
though an earlier maturing installment or a delinquency charge on an earlier
installment may not have been paid in full.
History: L. 1973, ch. 85, § 30; L. 1975, ch.
127, § 3;
L. 1988, ch. 85, § 7; L. 1988, ch. 86, § 4; L. 1988, ch. 87, § 4;
L. 1992, ch. 46, § 1;
L. 1993, ch. 200, § 8;
L. 1994, ch. 39, § 1;
L. 1996, ch. 166, § 4;
L. 1999, ch. 107, § 19; July 1.