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#2189343 - 08/16/18 02:06 PM Late Fees - MO
I luv Giraffes Offline
Member
Joined: Sep 2008
Posts: 60
Closed end consumer loan - not residential. Can late fees be increased for existing loans?

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#2189353 - 08/16/18 02:49 PM Re: Late Fees - MO I luv Giraffes
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,275
Galveston, TX
Closed-end loans are governed by the loan contract. You can only change the contract with the agreement with the customer via a modification. In your contracts, did you say the late charge will be $XX or that late charges will be $XX or the maximum then allowed under State law?
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