HELOC late fees?

Can we charge late fees on a HELOC in Colorado. We have done a few HELOC loans and are now second guessing ourselves about being able to charge late fees.

Yes, if contracted for in the loan docs and properly disclosed, when the payment is more than 10 days late you can charge a late fee up to 5% of the unpaid portion of the payment for consumer credit transactions loans secured by real estate. For more particulars check this section of the UCCC out.

Source: Colorado Statutes : TITLE 5 CONSUMER CREDIT CODE : CONSUMER CREDIT CODE : ARTICLE 2 FINANCE CHARGES AND RELATED PROVISIONS : PART 2 MAXIMUM FINANCE CHARGES AND OTHER FEES AND CHARGES : 5-2-203. Delinquency charges.

http://198.187.128.12/colorado/lpext.dll?f=templates&fn=fs-main.htm&2.0

The statute does not specifically mention revolving or non-revolving credit. Does it make a difference if we want to charge a fee on an open-end revolving credit plan?

I don't have the actual definitons handy, but a "consumer credit transaction" under the UCCC includes consumer closed-end and consumer revolving open-end as well as consumer credit sales and leases. Hope this helps