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2018 Code of Alabama
Title 5 - BANKS AND FINANCIAL INSTITUTIONS.
Chapter 18 - SMALL LOANS.
Section 5-18-15.1 - Additional late payment charge.
Universal Citation: AL Code § 5-18-15.1 (2018)
Section 5-18-15.1Additional late payment charge.
Notwithstanding the provisions of subsection (e) of Section 5-18-15, for contracts entered into after June 7, 2007, the additional late charge a licensee licensed under this chapter, the Alabama Small Loan Act, may charge when a scheduled payment is in default or delinquent for 10 or more days, is hereby increased from a charge not to exceed the greater of ten dollars ($10) or five percent of the scheduled payment in default to a charge not to exceed the greater of eighteen dollars ($18) or five percent of the scheduled payment in default.
(Act 2007-281, p. 383, §1.)
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