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late fees in Tx - new law

Posted on: 27th Nov, 2006 09:45 pm
I was told today by my mortgage company that as of Oct 1st Tx passed a law stating they can now charge late fees, is this tru and shouldn't I have received something in writing instead of being hit with it, after the fact????
Hi Amarie,

As per my knowledge I did not aware of any such new rule has passed. Let see if any other community member will aware of this type of law you are stating or not.

But still what I know that, there is a law in the state of Texas, where lender can charge late fees. The maximum of 5% of the scheduled payment will be charged if the borrower can't pay the payment within the 10 days of the due date.

So, if you didn't clear your payment within 10 days of the date then they can charge the late fees. But that should not be more than 5% of your scheduled payment.

Thanks
Posted on: 27th Nov, 2006 10:11 pm
Hi Amarie

What helping_user has commented that is correct. There is no amendment of law has happened on October 1st.

So if you have a late payment of more than 10 days then they can charge late fees. But if your payment is on date and still they have charged. Then you can think of taking legal steps against him.

Thanks
Posted on: 27th Nov, 2006 10:44 pm
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