I've search herein and cannot find the answer. Can someone please tell me if Oklahoma state law allows the assessment of late fees on single pay loans? TIA

My research shows a 2012 Legal Brief that opines that late fees should not be charged on consumer loans with a few exceptions (i.e. real estate related). Does anyone know if that stand has been changed since 2012? Appreciate the help.

should not be charged on consumer loans

Just curious. If OK law allows late charges on consumer loans what was the basis for not charging a late fee on consumer loans in this legal brief?

I can't speak for OK but in IN we can assess a late charge on a single pay loan. Our max late charge is $25.00.

I'm sorry but I've lost the OBA Legal Brief from which I got the information. I'll put the excerpt here for you as soon as I can get it. Sorry Dan.

I think the legal theory in some States is that the payment is not late within the timeframe of the contract and the loan contract has matured.

Also, in many states, late fee laws reference "installments" in the late fee provisions. A balloon payment is not an "installment".

Thanks Randy. That does actually make sense.

Here's the IN statute:

(c) twenty-five dollars ($25) on any installment or minimum payment due that is not paid in full within ten (10) days after its scheduled due date, in the case of a consumer loan, refinancing, or consolidation that is payable in a single installment that is due at least thirty (30) days after the consumer loan, refinancing, or consolidation is made.