Alabama § 5-17-18 - Interest Rates and Finance Charges on Loans; Late Charge.
Full text of Alabama Code of Alabama § 5-17-18 — Interest Rates and Finance Charges on Loans; Late Charge., with citation guidance and answers to common questions.
§ 5-17-18. Interest Rates and Finance Charges on Loans; Late Charge.
State chartered credit unions may charge such rates of interest and other finance charges as are authorized for other financial institutions pursuant to the Alabama Consumer Credit Act or other applicable law and may charge a late charge in an amount authorized by the Alabama Consumer Credit Act, provided that such late charge may only be assessed on simple interest loans and simple interest open-end credit plans. As used herein, “simple interest” means charging an interest rate on the unpaid balances of the amount outstanding from time to time for the actual time such balance is outstanding.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 5-17-18
What does Code of Alabama § 5-17-18 cover?
Section 5-17-18 ("Interest Rates and Finance Charges on Loans; Late Charge.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 5-17-18?
A common citation format is "Code of Alabama § 5-17-18" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 5-17-18 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.