Ark. Code § 23-36-112
Current with legislation from 2024 Fiscal and Special Sessions.
Industrial loan institutions are authorized under this chapter to impose a late charge of five cents (5¢) for each default of the payment of one dollar ($1.00), or a fraction thereof, at the time any periodical installment upon a certificate assigned as collateral security for the payment of a loan, under § 23-36-108, after payment becomes due. The late charges shall not be cumulative.
Ark. Code § 23-36-112