Is it legal to charge late fees?

Answer

Different states have rules regarding late fee charges that individuals or companies under the jurisdiction of the court can charge legally. The amount of fees and types of fees that can be charged are related to the rules of the particular county. The FDIC also protects consumers from late credit charges and does not allow companies to raise rates or charge fees that are not specifically placed in the agreement or that are too high by FDIC standards.
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