§ 37-2-203. Delinquency charges.
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§ 37-2-203. Delinquency charges.
(1)With respect to a consumer credit sale including an open-end consumer credit sale pursuant to a seller credit card, and any refinancings or consolidations of all such credit sales, the parties may contract for a delinquency charge on any installment not paid in full within ten days after its due date, as originally scheduled or as deferred, in an amount not exceeding five dollars, which is not more than five percent of the unpaid amount of the installment.
(2)Notwithstanding subsection
(1)the seller may contract for and receive a minimum delinquency charge not to exceed forty percent of five dollars as adjusted pursuant to