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#1375165 - 04/16/10 02:01 PM Ohio Maximum late charges?
Comply Offline
Gold Star
Joined: Oct 2003
Posts: 291
On a loan mortgage or consumer, does anyone know the maximum late charge in Ohio that can be charged??? Percentage or amount?

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#1378833 - 04/22/10 01:31 AM Re: Ohio Maximum late charges? Comply
jlroberts Online
Diamond Poster
jlroberts
Joined: Sep 2009
Posts: 1,601
Ohio
We charge 5% of the P&I on regular mortgage loans and 5% or $25.00 whichever is greater on our HELs.

http://com.ohio.gov/fiin/FAQ.aspx#Q20

Q. Is there a limit on delinquency charges/late fees that can be charged on loans in the State of Ohio?
A. Ohio does not have a statute which limits the amount of delinquency charges/late fees that can be charged on loans. The amounts of late charges that will be assessed are usually specified in the loan agreement between the financial institution (the lender) and the customer (the borrower).

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