(a) Closed-end credit agreement.--
(1) A closed-end credit agreement may provide for the payment by the buyer of a late fee on each installment in default for a period of not less than ten days in an amount not in excess of 5% of the installment or $10, whichever is less.
(2) Only one late fee may be collected on an installment regardless of the period that it remains in default.
(b) Open-end credit agreement.--A late fee may be assessed on an open-end credit agreement regarding each minimum payment not paid in full on the payment due date of the statement on which the minimum payment first appears.
Cross References. Section 6343 is referred to in sections 6302, 6309, 6352, 6353 of this title.
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