Many states have nuanced laws and regulations which dictate what fees and charges a lender may charge a borrower in connection with the loan, including limitations on late charges. What late charge and the number of grace period days which are permitted by a lender may vary based on the lender's characteristics, the collateral property type, and/or the purpose of the loan. As such, customers should review or consult with legal counsel to review the state's late charge limitations and any other applicable limitations in connection with a specific order to be placed with GoDocs.
However, should you decide that you would like a limitation in this respective state we can adjust your settings accordingly.
GoDocs late charge language is in section G of the GoDocs Promissory Note.
One can add Late Charges to the order from the "Customer Specific" Tab. Navigate to the "Customer Specific Tab" and Select the appropriate number of Days Before Late Charge and Late Charge Percent with the drop-downs.
The option to adjust the "Days Before Late Charge" and "Late Charge Percent" is customer specific and not available to every customer.
