Sec. 202. (1) Notwithstanding any other law, the only fee that may be contracted for and received by the lender or an assignee on a small loan is a charge, not to exceed twenty-five dollars ($25), for each: (a) return by a bank or other depository institution of a dishonored: (i) check; (ii) electronic funds transfer; (iii) negotiable order of withdrawal; or (iv) share draft; issued by the borrower; or (b) time an authorization to debit the borrower's account is dishonored. This additional charge may be assessed one (1) time regardless of how many times a check or an authorization to debit the borrower's account may be submitted by the lender and dishonored. (2) A lender may: (a) present a borrower's check for payment; or (b) exercise a borrower's authorization to debit the borrower's account; not more than three (3) times.
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