§ 40-14-312 — Delinquency charges

(a) With respect to a consumer loan, refinancing, or
consolidation, the parties may contract for a delinquency charge
on any installment not paid in full within ten (10) days after
its scheduled due date in an amount not exceeding the greater
of:
(i) Five percent (5%) of the unpaid amount of the
installment; or
(ii) Ten dollars ($10.00).
(b) A delinquency charge under paragraph (a)(i) of this
section may be collected only once on an installment however
long it remains in default. No delinquency charge may be
collected if the installment has been deferred and a deferral
charge (W.S. 40-14-313) has been paid or incurred until ten (10)
days after the deferred due date. A delinquency charge may be
collected at the time it accrues or at any time thereafter.
(c) No delinquency charge may be collected on an
installment which is paid in full within ten (10) days after its
scheduled installment due date even though an earlier maturing
installment or a delinquency charge on an earlier installment
may not have been paid in full. For purposes of this subsection
payments are applied first to current installments and then to
delinquent installments.
(d) If two (2) installments or parts thereof of a
precomputed loan are in default for ten (10) days or more, the
lender may elect to convert the loan from a precomputed loan to
one in which the loan finance charge is based on unpaid
balances. In this event he shall make a rebate pursuant to the
provisions on rebate upon prepayment (W.S. 40-14-319) as of the
maturity date of the first delinquent installment, and
thereafter may make a loan finance charge as authorized by the
provisions on loan finance charge for consumer loans (W.S. 40-
14-310). The amount of the rebate shall not be reduced by the
amount of any permitted minimum charge (W.S. 40-14-319). If the
lender proceeds under this subsection, any delinquency or
deferral charges made with respect to installments due at or
after the maturity date of the first delinquent installment
shall be rebated, and no further delinquency or deferral charges
shall be made.