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#57299 - 01/28/03 05:33 PM 15 day late charge
Anonymous
Unregistered

Are there penalties or fees associated with charging late fees less than the OTS 15 day rule? I can't find anything in the OTS 560.33 and can't find anything in Reg. Z, but I can't imagine there not being penalties of some sort assessed for charging late fees before you are allowed to. Anyone know of any?
Previous thread:
http://www.bankersonline.com/ubbthreads/showflat.php?Cat=&Board=UBB1&Number=55482&Forum=UBB1&Words=late%20charges&Match=And&Searchpage=0&Limit=25&Old=allposts&Main=12009&Search=true#Post55482

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General Discussion
#57300 - 01/28/03 08:00 PM Re: 15 day late charge
Ted Dreyer Offline
Diamond Poster
Ted Dreyer
Joined: Apr 2001
Posts: 2,245
Melissa: OTS enforcement penalties come from the general enforcement penalties available to examiners - 12 USC 1818. See: http://www4.law.cornell.edu/uscode/12/1818.html

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#57301 - 01/28/03 08:09 PM Re: 15 day late charge
Anonymous
Unregistered

Thank you!! Sometimes I feel so inadequate, I would never have found that on my own, Thank you!

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#57302 - 01/28/03 08:28 PM Re: 15 day late charge
Ted Dreyer Offline
Diamond Poster
Ted Dreyer
Joined: Apr 2001
Posts: 2,245
Don't feel inadequate. The only reason I knew that is that I was an OTS attorney at one time and had to use those statutes!

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