Ill. Admin. Code tit. 38, § 110.105 - Delinquency or Default Charges
a)
Delinquency charges may be assessed and collected and added to the balance of
the note, but interest shall not be collected on charge.
b) Earned, but uncollected delinquency
charges shall be recorded on the account record on the date the delinquent
payment is received, if the licensee intends to collect the charges at a later
date.
c) A licensee shall not
directly or indirectly, to levy or collect any delinquency charge on a payment,
which payment is otherwise a full payment for the applicable period and is paid
on its due date or within an applicable grace period when the only delinquency
is attributable to late fees or delinquency charges assessed on earlier
installments.
Notes
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