Late Fee Updates: New North Dakota Maximum Charge

North Dakota has amended the “North Dakota Money Brokers Act”. As part of these changes, ND ST 13-04.1-09.3(2) was modified to state that:

“Additional charges may be assessed for nonpayment or late payment as agreed to by the parties within the loan contract. However, a licensee may not contract for or receive charges in excess of five percent of the payment. For loans originated for fifty thousand dollars or less, these charges may not exceed twenty dollars for each nonpayment or late payment.”

We will be updating our ConformX Late Fee Defaults to reflect these changes. This modification will be in Production on August 1, 2021; however, clients can test these modifications on our Stage and Stage 2 environments immediately. We strongly urge clients to test this change before it is pushed to Production and to report any issues to Client Support as soon as possible, to ensure a smooth transition.

This adjustment is now reflected on our Late Fee Matrix, and Late Fee Table. If you have any questions or concerns about any of these changes, please contact Client Support at 1.800.497.3584.

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