Industrial loan institutions are authorized under this chapter to impose a late charge of five cents (5cent(s)) for each default of the payment of one dollar ($1.00), or a fraction thereof, at the time any periodical installment upon a certificate assigned as collateral security for the payment of a loan, under ยง 23-36-108, after payment becomes due. The late charges shall not be cumulative.
Section: Previous 23-36-104 23-36-105 23-36-106 23-36-107 23-36-108 23-36-109 23-36-110 23-36-111 23-36-112 23-36-113 23-36-114 23-36-115 23-36-116 23-36-117 NextLast modified: November 15, 2016