charges. 1. Interest charges and other fees must be set at rates, amounts, and terms as agreed to by the parties within the loan contract. A licensee may not contract for or receive finance charges pursuant to a loan in excess of an annual rate of thirty -six percent, including all charges and fees necessary for the extension of credit incurred at the time of origination. 2. Additional charges may be assessed for nonpayment or late payment as agreed to by the parties within the loan contract. A licensee may not contract for or receive charges in excess of five percent of the payment. For loans originated for fifty thousand dollars or less, these charges may not exceed twenty dollars for each nonpayment or late payment. The charge may be collected at the time of the default or any time after default. If the charge is taken out of any payment received after a default occurs and if the deduction results in the default of a subsequent payment, a charge may not be made for the subsequent default. 3. The restrictions outlined in subsections 1 and 2 do not apply to court costs; lawful fees for the filing, recording, or releasing in any public office of any instrument securing a loan; and the identifiable charge or premium for insurance provided for by rule.
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