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#38910 - 10/25/02 12:40 PM ILA late fees
Kari Offline
100 Club
Kari
Joined: Sep 2002
Posts: 131
PA
This is a repost of my lending post mainly because it is PA specific. First off, I was referred to PA code from OCC and this is what PA reads - installment loans late fees are 2.50 or 5% whichever is less which is what our installment contracts read. However another part of PA states that individual credit can be $20 late fees. Our loans are individual installments. Does this mean the limit was charge for late fees is only 2.50 or 5% whichever is less OR can we raise our late fees. Still So confused and its already FRIDAY! Thanks for your assistance.

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#38911 - 10/25/02 03:11 PM Re: ILA late fees
Elaine K. Sheehan Offline
100 Club
Elaine  K. Sheehan
Joined: Jul 2002
Posts: 157
Grand Rapids, MI
Kari, please provide the cite for the second reference to late fees.

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#38912 - 10/25/02 07:46 PM Re: ILA late fees
Anonymous
Unregistered

PA Code of 1965 7PS 319 covers all loans except loans secured by first mtg. Section 322 covers consumer loans.(extensions of credit to individuals, partnerships & unincorporated associations) section 322 (d) (v)
Section 309 Installment loans (including revolving credit plans) (c) and (e) and (f) (iii). Hope this helps you help me!

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#38913 - 10/29/02 05:08 PM Re: ILA late fees
Elaine K. Sheehan Offline
100 Club
Elaine  K. Sheehan
Joined: Jul 2002
Posts: 157
Grand Rapids, MI
Here is a Statement of Policy from the Banking Department which I believe will help you out on this issue PA Banking Department

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