I'm looking for some guidance on when and how late fees can be charged to a mortgage loan in CA. I have been informed that if a payment is received at any point in the month it is due that you cannot charge a late fee. My interpretation of sections 2954.4 and 2954.5 is that if the payment is received more than 10 days past the due date then you can charge a fee of at least $5 but no more than 6%.
Any help on this would be great.