Earlier this year, we reported that the maximum late fee dollar amounts promulgated under Iowa Code Ann. § 537.2502 had been modified (see http://blog.docutechcorp.com/compliance-news-iowa-amends-consumer-credit-code), as well as such maximum dollar amounts under Okla. Stat. Ann. tit. 14A, § 3-203 (see http://blog.docutechcorp.com/compliance-news-ok-dept-consumer-credit-updates-dollar-amounts). These new amounts are set to take effect on July 1, 2017.
As a result, we are updating our ConformX Late Fee Defaults to reflect these new maximum dollar amounts ($30 for junior lien loans and HELOCs in Iowa; $25 for consumer loans in Oklahoma). These changes will applied to our Stage and Stage 2 environments for client testing (which we strongly urge all clients to do) and will finally be pushed to Production environments on July 1, 2017.
We have also updated our Late Fee Matrix and Late Fee ConformX Matrix, both of which are available on our “Matrices” webpage (http://blog.docutechcorp.com/matrices).
If you have any questions or concerns about this change, or discover any errors in testing, please contact Client Support at 1.800.497.3584.