Can we charge a late fee on a farm loan secured by real estate?

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Can we charge a late fee on a farm loan secured by real estate?
by Andy Zavoina, BOL Guru
BIO AND CONTACT INFO

Question: Can we charge a late fee on a farm loan secured by real estate?

Answer: Late fees are a state law issue as are interest rates.

In some cases, you might enjoy a purchase money federal preemption on residential loans. You would have to determine if that is applicable here.

First published on BankersOnline.com 2/2/03

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