40-14-357. Limitation on default charges in consumer related loans.
(a) The agreement with respect to a consumer related loan may provide for only the following charges as a result of the debtor's default:
(i) Reasonable attorney's fees and reasonable expenses incurred in realizing on a security interest;
(ii) Deferral charges not in excess of eighteen percent (18%) per year of the amount deferred for the period of deferral; and
(iii) Other charges that could have been made had the loan been a consumer loan.
(b) A provision in violation of this section is unenforceable.
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