HARRY HUGHES, Governor                               3541

12-405.

(a) (1) A lender may collect a loan origination fee
not exceeding THE GREATER OF $250 OR 2 percent of the net
proceeds of the loan. However, he may not collect from the
borrower any other commission, finder's fee, or point for
obtaining, procuring, or placing a loan.

(2) A LENDER WHO UTILIZES THE PROVISIONS OF
SECTION 12404.2 12-404.1 OF THIS TITLE, RELATING TO FEDERAL
SECOND MORTGAGE PURCHASE PROGRAMS, IS NOT ENTITLED- TO THE
ORIGINATION FEE OR OTHER PASS THROUGH CHARGES PROVIDED FOR

IN SUBSECTION (A)(1) OF THIS SECTION AND SECTION

12-404(D)(3) OF THIS TITLE IN ADDITION TO THE FEES,

DISCOUNTS, POINTS, OR CHARGES ALLOWED UNDER SECTION
12-404.1(2). ALL OTHER SECOND MORTGAGE PROGRAMS IN THIS
STATE ARE LIMITED TO THE CHARGES, , AND FEES, AND PREMIUMS
PROVIDED IN SUBSECTION (A)(1) OF THIS SECTION AND SECTION
12-404(D)(3) OF THIS TITLE.

(b) A lender may collect the fees paid to a public
official or governmental agency for recording or satisfying
the instrument securing the loan.

(c) (1) A lender may collect from the borrower a
delinquent or late charge of the greater of $2 or 5 percent
of the amount of any delinquent or late periodic
installment, if:

(i) The delinquency has continued for at
least 10 days; and

(ii) A delinquent or late charge has not
already been charged for the same delinquency.

(2) The lender shall deduct the charge from the
next payment made by the borrower.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.

Approved June 1, 1982.

CHAPTER 610
(House Bill 306)
AN ACT concerning

Motor Vehicles - Disabled Persons' Registration and