70C-2-102. Delinquency charges.
(1) The parties to any consumer credit agreement may contract for a delinquency charge on any installment not paid in full by its scheduled due date in an amount not exceeding the greater of: $30; or 5% of the delinquent unpaid amount of the installment. Notwithstanding Subsection, in a contract, renewed, executed, or modified on or after May 3, 1999, a depository institution as defined in Sectionmay contract for and collect a delinquency charge on an installment not paid in full by its scheduled due date in excess of the limitation imposed under Subsection. (1)(a) 7-1-103 (1)(a)
(2) This section may not be interpreted to require a creditor to accept a partial payment for an installment.
(3) A delinquency charge as authorized by this section may be collected only once on each installment regardless of how long it remains delinquent. A delinquency charge may not be collected if: the installment has been deferred; and a deferral charge under Sectionhas been paid or incurred. 70C-2-103 A delinquency charge may be collected: at the time it accrues; or any time after it accrues.