GroundRules
7 CFR 3555.253: Late payment charges.
Where this section sits in the code
- Title 7—Agriculture
- Subtitle B—Regulations of the Department of Agriculture
- CHAPTER XXXV—RURAL HOUSING SERVICE, DEPARTMENT OF AGRICULTURE
- PART 3555—GUARANTEED RURAL HOUSING PROGRAM
- Subpart F—Servicing Performing Loans
Late payment charges will not be covered by the guarantee and cannot be added to the principal and interest due under any guaranteed note.
(a) Maximum amount. Any late payment charge must be reasonable and customary for the area.
(b) Loans with interest assistance. The lender must not charge a late fee if the only unpaid portion of the borrower's scheduled payment is interest assistance owed by Rural Development.
Collected 2026-08-27T02:24:01Z. Source file · JSON