70C-2-102 - Delinquency charges.
70C-2-102. Delinquency charges.
(1) (a) The parties to any consumer credit agreement may contract for a delinquencycharge on any installment not paid in full by its scheduled due date in an amount not exceedingthe greater of:
(i) $30; or
(ii) 5% of the delinquent unpaid amount of the installment.
(b) Notwithstanding Subsection (1)(a), in a contract, renewed, executed, or modified onor after May 3, 1999, a depository institution as defined in Section 7-1-103 may contract for andcollect a delinquency charge on an installment not paid in full by its scheduled due date in excessof the limitation imposed under Subsection (1)(a).
(2) This section may not be interpreted to require a creditor to accept a partial paymentfor an installment.
(3) (a) A delinquency charge as authorized by this section may be collected only once oneach installment regardless of how long it remains delinquent.
(b) A delinquency charge may not be collected if:
(i) the installment has been deferred; and
(ii) a deferral charge under Section 70C-2-103 has been paid or incurred.
(c) A delinquency charge may be collected:
(i) at the time it accrues; or
(ii) any time after it accrues.
Amended by Chapter 171, 1999 General Session