As per annual requirements, Oklahoma has updated its laws regarding the maximum dollar amounts which can be charged for late fees.
Per Okla. Stat. Ann. tit. 14A, § 3-203(1) & (5), the Oklahoma Department of Consumer Credit has increased the maximum late charge for delinquent payments on a consumer loan or a revolving loan account from $27.00 to $29.00.
Also, as per biennial requirements, South Carolina has updated its laws regarding the minimum and maximum dollar amounts which can be charged for late fees.
Per S.C. Code Ann. § 37-3-203(1) & (2), the South Carolina Department of Consumer Affairs has increased the minimum and maximum late charge for delinquent payments on a consumer loan or an open-end consumer loan. The minimum late charge has been increased from $8.40 to $9.20, and the maximum late charge has been increased from $21.00 to $23.00.
ConformX Late Fee Defaults will be updated to reflect these changes. These modifications will be pushed to Production on July 1, 2022. However, clients can now test these modifications on the Stage and Stage 2 environments. To ensure a smooth transition, Clients are strongly urged to test this change before it is pushed to Production and to report any issues to Client Support as soon as possible.
The new Oklahoma and South Carolina maximum charge increases are now reflected in the Late Fee Matrix and the Late Fee Table, both of which have been republished on the Matrices webpage.
If you have any questions or concerns about any of these changes, please contact Client Support at 1.800.497.3584.