Can you charge a late charge on single pay loans? Example wording on the promissory note reads as follows:

"Number of
Payments
1

Amount of Payments
$10,116.40

When are payments due?
July 19, 2014

Late Charge. If a payment is more than 10 days late, I will be charged 5.00 percent of the Amount of Payment or $22.00, whichever is greater. However, this charge will not be greater than $30.00."


Is this something we can do?

The Oklahoma late fee provisions for loans are found at Title 14A O.S. Sec. 3-203.

I asked OBA this same question last year and Pauli Loeffler e-mailed me 6 pages of information regarding Late Fees in Oklahoma. If you do not find your answer in the statutes, I would suggest shooting her an e-mail.