Late Charges
Last Review
Last Update
Statutes
Contractual late charges on overdue commercial accounts are not subject to the usury law because they do not constitute payment for the loan or forbearance of money and often are authorized by a specific statute. (mortgage loan, car loan, installment loan, etc.)
Cases
Comments
There are specific statutes which provide guidelines for the amounts.
Contributors
Brittany S. Ogden
The statutory information was edited and reviewed with the support of MultiState
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