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#2100858 - 09/28/16 07:38 PM Post-Maturity Interest
banker-12 Offline
Diamond Poster
Joined: May 2007
Posts: 1,245
I noticed that WKFS removed the Post-Maturity Interest section from the MLA note. Is this not allowed under the MLA?

Thank You

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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#2101000 - 09/29/16 03:58 PM Re: Post-Maturity Interest banker-12
banker-12 Offline
Diamond Poster
Joined: May 2007
Posts: 1,245
If not stated on the note, we will not be able to charge the interest that will accrue after maturity, correct?

Thanks,

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#2101029 - 09/29/16 05:11 PM Re: Post-Maturity Interest banker-12
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,763
On the Net
If your contract doesn't allow it, I don't know under what authority it could be charged.

Why is this clause removed, would your post maturity interest cause usury?
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AndyZ CRCM
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#2101101 - 09/29/16 09:15 PM Re: Post-Maturity Interest banker-12
banker-12 Offline
Diamond Poster
Joined: May 2007
Posts: 1,245
Our form provider just removed it from the MLA contract. It is currently on the contracts we use. We thought that maybe it was prohibited to charge it to a service member. The post maturity interest rate will not cause usury; we have it at less than the maximum allowed under the law.

Thanks,

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