§ 23-36-112 - Late charge for default in payment. - Arkansas Statutes

23-36-112. Late charge for default in payment.

Industrial loan institutions are authorized under this chapter to impose a late charge of five cents (5cent(s)) for each default of the payment of one dollar ($1.00), or a fraction thereof, at the time any periodical installment upon a certificate assigned as collateral security for the payment of a loan, under 23-36-108, after payment becomes due. The late charges shall not be cumulative.