Alabama § 5-18-15.1 - Additional Late Payment Charge.
Full text of Alabama Code of Alabama § 5-18-15.1 — Additional Late Payment Charge., with citation guidance and answers to common questions.
§ 5-18-15.1. Additional Late Payment Charge.
Notwithstanding the provisions of subsection (e) of Section 5-18-15, for contracts entered into after June 7, 2007, the additional late charge a licensee licensed under this chapter, the Alabama Small Loan Act, may charge when a scheduled payment is in default or delinquent for 10 or more days, is hereby increased from a charge not to exceed the greater of ten dollars ($10) or five percent of the scheduled payment in default to a charge not to exceed the greater of eighteen dollars ($18) or five percent of the scheduled payment in default.
Frequently Asked Questions About Alabama § 5-18-15.1
What does Code of Alabama § 5-18-15.1 cover?
Section 5-18-15.1 ("Additional Late Payment 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 § 5-18-15.1?
A common citation format is "Code of Alabama § 5-18-15.1" (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 § 5-18-15.1 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.