Indiana Increases Permissible Late Fee under Uniform Consumer Credit Code

Indiana passed a bill increasing the permissible late fee that may be assessed under the Uniform Consumer Credit Code. Under the bill, a late fee may now not exceed $19 (if loan installments are due every 14 days or less) or $25 (if loan installments are due every 15 days or more). Previously the late fee could not exceed $19 regardless of the loan installment due date. The bill went into effect July 1, 2019.

See the Indiana General Assembly website for the full text of the Statutes: http://iga.in.gov/legislative/2019/bills/house/1136#document-88f37a3b