TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 45

REMEDIES AND PENALTIES

PART 3.

LIMITATIONS ON DEBTORS’ LIABILITIES

28-45-301.  Limitation on default charges. Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a regulated consumer credit transaction may not provide for any charges as a result of default by the debtor except those authorized by this act. A provision in violation of this section is unenforceable.

History:

[28-45-301, added 1983, ch. 119, sec. 3, p. 298.]