Navigation:  Loan Screens > Account Information Screen Group > Account Detail Screen > Late/NSF tab > Late Charge Options field group > Stop Late Charge if Past Original Term?

Entry: User, checkbox

F/M: Yes

Mnemonic: LNSLOT

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

 

If this field is checked, the night late charges are to be assessed, the system will compare the number of late charges that have been assessed to the number of months in the Original Maturity Term field (found on the Loans > Account Information > Additional Loan Fields screen, Origination/Maturity tab) divided by the payment frequency. Once the number of times late reaches that calculation, no further late charges will be assessed. (If the original term of the loan was 24, with monthly payments, no more than 24 late charges will be assessed, even if the loan term is extended.)

 

For biweekly loans, the calculation is the original maturity term times 26 divided by 12.