§ 13-12-16 — Maximum charges permitted for loans - Installment payments - Permitted charges

charges.
1. Interest charges and other fees must be set at rates, amounts, and terms as agreed to
by the parties within the loan contract. A licensee may not contract for or receive
finance charges pursuant to a loan in excess of an annual rate of thirty-six percent,
including all charges and fees necessary for the extension of credit incurred at the time
of origination.
2. Additional charges may be assessed for nonpayment or late payment as agreed to by
the parties within the loan contract. 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. The charge may be collected at the time of the default or any time after
default. If the charge is taken out of any payment received after a default occurs and if
the deduction results in the default of a subsequent payment, a charge may not be
made for the subsequent default.
3. The restrictions outlined in subsections 1 and 2 do not apply to court costs; lawful fees
for the filing, recording, or releasing in any public office of any instrument securing a
loan; and the identifiable charge or premium for insurance provided for by rule.