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23-36-112. Late charge for default in payment.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-36-112. Late charge for default in payment.
Industrial loan institutions are authorized under this chapter to impose a late charge of five cents (5¢) for each default of the payment of one dollar ($1.00), or a fraction thereof, at the time any periodical installment upon a certificate assigned as collateral security for the payment of a loan, under § 23-36-108, after payment becomes due. The late charges shall not be cumulative.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-36-112
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-36-112
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5251bdf1d01005307d05c6132cefdc181285e8fcf8506fb8301daa87f420a2cd
Source location: content.xml paragraph 17031
Stored source content
23-36-112. Late charge for default in payment.
Industrial loan institutions are authorized under this chapter to impose a late charge of five cents (5¢) for each default of the payment of one dollar ($1.00), or a fraction thereof, at the time any periodical installment upon a certificate assigned as collateral security for the payment of a loan, under § 23-36-108, after payment becomes due. The late charges shall not be cumulative.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-36-108. Powers generally.
(a) Industrial loan institutions shall be empowered to purchase, sell, discount, or negotiate bonds, notes, or other choses in action and issue, as evidence therefor, investment certificates, contracts, or agreements under any descriptive name. They may bear such interest, if any, as their terms may provide and may require the payment to the industrial loan institution of such amounts, from time to time, as their terms may provide. The industrial loan institution may permit the withdrawal or cancellation of amounts paid upon the bonds, notes, or other choses in action, in whole or in part, from time to time, and may credit amounts thereon upon such conditions as may be set forth therein.
(b) The industrial loan institution shall have the right to lend money upon the collateral deposit of, and the compliance of the borrowers with the terms of, any investment certificate, contract, or agreements issued under subsection (a) of this section.
(c) All industrial loan institutions operating under the provisions of this chapter shall so distinguish their operations and so qualify them as not to perform any of the functions of a commercial bank, savings bank, or trust company, outside of the specific authority provided for their operation under this chapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-36-108
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-36-108. This identifies an authority to review, not proof of applicability.