Late Charges
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Statutes
"Late or delinquency charges are permissable if they are provided for in the written agreement. Additionally, in the case of loans to consumers, no more than 1 late or delinquency charge may be imposed for any single payment or portion of a payment. Md. Code, Com.; § 12-1008
A delinquent or late charge of the greater of $2 or 5% of the total deliquent amount is permissible if the delinquency is at least 15 days and has not already been charged a delinquency fee. Md. Code, Com.; § 12-105
A contract requiring a late fee must disclose certain information, and the late fee is subject to specific limitations. Md. Code, Com.; § 14-1315"
Cases
Comments
None.
Contributors
Steven N. Leitess
Leitess Friedberg PC
The statutory information was edited and reviewed with the support of MultiState
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