Section 16-330. IRREGULAR OR UNEQUAL INSTALLMENTS

 

330.1Notwithstanding the provisions of § 329, the interval for the first installment payment may be longer than the other intervals but shall not exceed ninety (90) days, except as may be permitted by § 330.4.

 

330.2If the governmental charges are not paid directly by the purchaser, any instrument of security may provide that there be one (1) or more special payments in addition to and payable in advance of the regular equal payments; Provided, that the total amount of that special payment or payments shall not exceed the governmental charges.

 

330.3The final installment payment may be less in amount than the preceding installment payments.

 

330.4If a buyer's livelihood is dependent upon seasonal or intermittent income, one (1) or more of the regular installment payments in the schedule of payments included in any instrument of security may be reduced or postponed.

 

330.5Instruments of security and refinancing contracts may provide that the holder shall be entitled to collect on each installment in default for a period of more than ten (10) days one of the following:

 

(a)A delinquency and collection charge in an amount not exceeding five percent (5%) of each installment or five dollars ($ 5), whichever is less; or

 

(b)Interest on each installment at a rate not in excess of eight percent (8%) per annum.

 

330.6Instruments of security or refinancing contracts may provide for the following in instances of delinquency:

 

(a)Payment of a reasonable attorney's fee (not exceeding fifteen percent (15%) of the unpaid balance) to an attorney who is not a salaried employee of the holder of the instrument of security or refinancing contract;

 

(b)Payment of court costs; and

 

(c)Subject to the provisions of §§ 339 and 340, payment of actual and reasonable out-of-pocket expenses incurred by the holder as a result of the delinquency.