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.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Section 5-18-2 - Legislative Findings of Fact and Declaration of Intent.
Section 5-18-4 - License - Required; Exemptions; Penalties for Violation of Section.
Section 5-18-5 - License - Application; Fees; Disposition of Fees.
Section 5-18-6 - License - Investigation of Application; Issuance or Denial of License.
Section 5-18-7 - License - Contents; Posting; Continuing Effect.
Section 5-18-8 - License - Place of Business of Licensee.
Section 5-18-9 - License - Revocation, Suspension, etc.; Investigation of Complaints.
Section 5-18-10 - Examinations of Licensees; Investigations; Enforcement Powers of Supervisor.
Section 5-18-11 - Books, Accounts and Records of Licensees; Annual Report.
Section 5-18-13 - Advertising; Schedule of Charges.
Section 5-18-15 - Interest Rates, Charges, and Fees.
Section 5-18-15.1 - Additional Late Payment Charge.
Section 5-18-16 - Duties of Licensees as to Making and Payment of Loans.
Section 5-18-17 - Insurance in Connection With Credit Transaction.
Section 5-18-18 - Charges, Rates, etc., as to Certain Loans.
Section 5-18-19 - Collection of Loans Made Outside State.
Section 5-18-20 - Review of Orders, etc., of Supervisor.
Section 5-18-22 - Modification, Amendment or Repeal of Chapter.