Industrial loan institutions are authorized under this chapter to impose a late charge of five cents (5¢) for each default of the payment of one dollar ($1.00), or a fraction thereof, at the time any periodical installment upon a certificate assigned as collateral security for the payment of a loan, under § 23-36-108, after payment becomes due. The late charges shall not be cumulative.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 36 - Industrial Loan Institutions
§ 23-36-105. Supervision by Bank Commissioner
§ 23-36-106. Statement on call
§ 23-36-107. Examinations and fees
§ 23-36-110. Loans insured by federal government
§ 23-36-112. Late charge for default in payment
§ 23-36-116. Authority of Bank Commissioner to take charge
§ 23-36-117. Classification of creditors — Payment of claims