Every credit union may assess charges as approved by the board of directors for failure to meet punctually obligations to the credit union. Any late charge shall be made only once for each delinquent payment and shall be subject to Section 2954.5 of the Civil Code, Division 1.1 (commencing with Section 4000) of this code, and any other applicable law.
LoansMaximum Charges and Fees
Section § 15001
This law allows credit unions to charge their members a fee if they do not pay their bills on time, but only one fee for each missed payment. These late fees must comply with specific state laws and regulations that govern how such charges can be applied.
credit union charges late payment fees credit union obligations
