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Part 5004 - Loans

Section 5004.7 - Charges

(a) The service charge on each loan issued shall be Thirty dollars ($30.00).

(b) The Service Charge Fund shall be the fund established to administer service charges.

(c) A loan payment shall be considered delinquent when it is ten (10) days past due and for each such payment a ten dollar ($10.00) charge shall be added to the loan.  A loan payment must be paid in full in order not to be considered delinquent.

(d) A charge of twenty dollars ($20.00) shall be made for each dishonored check sent in payment of a loan.

(Statutory authority: Education Law, §512-b; Retirement and Social Security Law, §§517-b, 613-a)