§ 6-26.1-9 - Delinquent installments.
SECTION 6-26.1-9
§ 6-26.1-9 Delinquent installments. –(a) If the agreement governing a credit card plan so provides, a credit cardlender may impose, as interest, a late or delinquency charge upon anyoutstanding unpaid installment payments or portions of it under the plan whichare in default; provided, however, that no more than one such late ordelinquency charge may be imposed in respect of any single installment paymentor portion of it, regardless of the period during which it remains in default;and provided further, however, that for the purpose only of the precedingprovision all payments by the borrower shall be deemed to be applied tosatisfaction of installment payments in the order in which they become due.Nothing contained in this section shall limit, restrict or otherwise affect theright of a credit card lender to change the percentage rate or rates ofinterest applicable to the credit plan between the credit card lender and aborrower upon the occurrence of a delinquency or default or other failure ofthe borrower to perform in accordance with the terms of the plan.
(b) No charges assessed by a credit card lender in accordancewith this section shall be deemed void as a penalty or otherwise unenforceableunder any statute or the common law.