As previously announced, Florida, Indiana, Minnesota, Oklahoma, and South Carolina have modified either some of their laws regarding late fees or the dollar amounts associated with their restrictions on late fees and prepayment penalties. These changes include:
- A new, tiered late fee penalty structure for loans subject to the Florida Consumer Finance Act (Fla. Stat. Ann. §§ 516.001 through 516.37);
- Revising the maximum dollar amount of an assessed late charge under the Indiana Uniform Consumer Credit Code – Loans (Ind. Code Ann. §§ 24-4.5-3-0.1 through 24-4.5-3-701) from $18.50 to $19;
- Revising the minimum permitted (but not required) amount of an assessed late charge under Minn. Stat. Ann. § 47.59(6)(a)(4) from $5.20 to $8.58;
- Revising the maximum dollar amounts of assessed late charges under the Oklahoma Uniform Consumer Credit Code – Loans (Okla. Stat. Ann. tit. 14A, §§ 3-101 through 3-817) from $25 to $25.50;
- Revising both the minimum permitted and maximum dollar amounts for assessed late charges under the South Carolina Consumer Protection Code – Loans (S.C. Code Ann. §§ 37-3-101 through 37-3-605) from $7.20 and $18 to $7.40 and $18.50, respectively; and
- Revising the loan amounts to which the prepayment prohibitions under S.C. Code Ann. §§ 37-10-103 & 37-23-80 apply from $255,000 to $270,000.
We are publishing new versions of our Late Fee Matrix, Late Fee ConformX Matrix, and Prepayment Penalty Matrix which reflect these changes, which all take effect on July 1, 2018. Our Matrices can be downloaded from: https://compliance.docutech.com/matrices/.
We will also be reflecting several of these changes in our ConformX Late Fee Defaults, which will be announced separately.
If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
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