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.

Kari, please provide the cite for the second reference to late fees.

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!

Here is a Statement of Policy from the Banking Department which I believe will help you out on this issue PA Banking Department