§ 203.25. Late charge.
60 words·~1 min read·
/us/cfr/t24/s§ 203.25·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The mortgage may provide for the collection by the mortgagee of a late charge, not to exceed four per cent of the amount of each payment more than 15 days in arrears, to cover servicing and other costs attributable to the receipt of payments from mortgagors after the date upon which payment is due. \[41 FR 49734, Nov. 10, 1976\]