§ 37-3-203. Delinquency charges.
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§ 37-3-203. Delinquency charges.
(1)With respect to a consumer loan including an open-end consumer loan pursuant to a lender credit card or similar arrangement, and any refinancings or consolidations of all such consumer loans, 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 lender may contract for and receive a minimum delinquency charge not to exceed forty percent of five dollars as adjusted pursuant to