Section 509 - Fees and charges(a) Entrance fees.--A credit union may charge an entrance fee of an amount, not in excess of $1, as may be provided by the bylaws.(b) Fees in connection with loans.--A credit union may collect fees paid to public officials, actual fees necessary to secure collateral, fees required to be charged by government agencies and reasonable attorney fees. Furthermore, in connection with real estate loans, a credit union may collect charges and fees necessary to sell the loans to any agency or instrumentality of the Federal Government or a corporation which engages in the business of purchasing mortgage loans.(c)Fees in connection with collectors or outside collection agencies.--A credit union may collect fees paid to outside collectors or outside collection agencies, provided the aggregate of such collection fees does not exceed 20% of the outstanding loan balance or other share or loan service related amounts owed to the credit union.(d)Other fees.--A credit union may additionally:(1) charge fees for other services to its members, provided that the fees charged will be for the actual cost of the respective services provided by the credit union; and(2) recoup actual sums expended by the credit union, including use of credit union personnel, incurred in collection of outstanding loan balances or other share or loan service related amounts owed to the credit union.(e) Late payment charges.--A credit union may collect late payment charges not in excess of 5% of the principal and interest due on any installment payment of a loan that is more than 15 days delinquent.Amended by P.L. 754 2014 No. 62, § 2, eff. 8/17/2014.1990, Dec. 19, P.L. 834, No. 198, § 302, effective in two months.