§ 12-623. Delinquency charge; attorney's fees and court costs

   (a) Delinquency charge. -- If an agreement on which the finance charge is computed in advance so provides, the holder of the agreement may collect a delinquency or collection charge of the lesser of $ 10 or 5 percent of the amount of any payment in default, if the default has continued for at least 10 days.

(b) Attorney's fees and court costs. --

   (1) In addition to the delinquency or collection charge, the agreement may provide for the payment of:

      (i) Attorney's fees not exceeding 15 percent of the amount due and payable under the agreement; and

      (ii) Court costs.

   (2) Attorney's fees may be collected only if the agreement is referred for collection to an attorney who is not a salaried employee of the holder.

HISTORY: An. Code 1957, art. 83, § 145; 1975, ch. 49, § 3; 1980, ch. 386; 1983, ch. 210.