Section 75 Additional Charges

• Library: Motor Vehicle 2011

 6 

If a contract entered into after August 28, 2005, provides for it, the creditor may also charge either a delinquency charge on each installment overdue for at least 15 days—the lesser of 5% of the installment or $25, with a minimum of $1—or interest on each delinquent payment at no more than the highest contract rate. Section 365.100(1), RSMo Supp. 2010. If the creditor elects the delinquency charge, the buyer’s counsel should be aware that the Federal Trade Commission’s trade regulations on credit...