Late Charges
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Statutes
B. Any lender or seller may impose a late charge for failure to make timely payment of any installment due on a debt, whether installment or single maturity, provided that such late charge does not exceed five percent of the amount of such installment payment and that the charge is specified in the contract between the lender or seller and the debtor. (Va. Code Ann § 6.2-400)
Cases
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Contributors
Steven L. Higgs, P.C.
The statutory information was edited and reviewed with the support of MultiState
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