SEC. 81-12-167. Late payment charges.

A late payment charge, not exceeding Five Dollars ($5.00) or four percent (4%) of the amount of any delinquency, whichever is greater, if contracted for, shall not be considered interest under the usury laws. However, no such charge shall be made unless such delinquency is more than fifteen (15) days past due.

SOURCES: Laws, 1977, ch. 445, Sec. 49(3); 1981, ch. 336, Sec. 1; reenacted and amended, 1982, ch. 301, Sec. 84; reenacted, 1990 Ex Sess, ch. 52, Sec. 85; 1993, ch. 441, Sec. 85; 1994, ch. 622, Sec. 117; 1996, ch. 400, Sec. 24, eff from and after passage (approved March 19, 1996).

1997 Amendment:

Reenacted

SOURCE: 1997 Laws, Chapter 496, Sec. 82, HB390, Effective July 1, 1997.