Late charge for default in payment

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. Acts 1941, No. 111, § 12; A.S.A. 1947, § 67-1012. 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. Acts 1941, No. 111, § 12; A.S.A. 1947, § 67-1012.