Answer:
Answer by Jim Bedsole: This is typically a matter of state law.
Answer:
Answer by Andy Zavoina: State law will define when a loan is past due and when or if late fees may be owed. These could vary between loan products so check your laws carefully. Your state association should be able to assist you on this. Often there are tables produced that will define all the parameters needed.
Answer:
Answer by Lucy Griffin: In addition to state law, this may be defined in the loan contract. Check you contract as well as the state law.
First published on BankersOnline.com 8/6/01
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