Navigation:  Loan Screens > Account Information Screen Group > Account Detail Screen > Late/NSF tab > Late Charge Options field group > Late Fee Restrictions?

Entry: User, checkbox

F/M: Yes

Mnemonic: MRLTFR

Screen: Loans > Account Information > Account Detail > Late/NSF tab

 

If this field is checked, then at the time a late charge would be assessed, the program checks to see if a full payment (payment collected equals the P/I Constant) has been made this month within the grace period (due date plus the grace days). If a full payment has been made within the grace period, then no late charge will be assessed for the month, regardless of which payment is being applied.

 

Example:

 

Loan is due for 08/16.
Grace days are 10.
The August payment is made on 10/20 and it is a full payment.
No late charge would be assessed for October.

 

The use of this option is state regulated.