(a) A licensee may contract for and receive a delinquency fee not in excess of one of the following amounts:(1) For a period in default of not less than 10 days, an amount not in excess $25.(2) For a period in default of not less than 15 days, an amount not in excess of $35.
(1) For a period in default of not less than 10 days, an amount not in excess $25.
(2) For a period in default of not less than 15 days, an amount not in excess of $35.
(b) The delinquency fee may not be collected more than once for the same default and may be collected at the time of the default or at any time after the default. If the delinquency fee is deducted from any payment received after default occurs, and the deduction results in the default of a subsequent installment, no fee may be collected for the resulting default. The delinquency fee under this section is not included in charges defined in this chapter or in determining applicable maximum charges that may be made under this chapter.
(c) For open-end loans made under subchapter 8, a licensee may not collect or receive the delinquency fee set forth in subsection (a) unless there is a minimum of 20 days, inclusive, between the monthly billing date and the date upon which the minimum payment is due, exclusive of the applicable grace period provided in subsection (a).
(d) This section does not apply to precomputed loans as described in section 886.