Section 24-4.5-2-604 - Limitation on default charges in consumer related salesLimitation on Default Charges in Consumer Related Sales -
(1) The agreement with respect to a consumer related sale may provide for only the following charges as a result of the buyer's default: (a) reasonable attorney's fees and reasonable expenses incurred in realizing on a security interest;(b) deferral charges not in excess of twenty-five percent (25%) per year of the amount deferred for the period of deferral; and(c) other charges that could have been made had the sale been a consumer credit sale. (2) A provision in violation of this section is unenforceable.Amended by P.L. 73-2016, SEC. 10, eff. 3/21/2016.(Formerly: Acts1971 , P.L. 366, SEC.3.) As amended by Acts1982 , P.L. 150, SEC.2.