SB 6413 - DIGEST

     Declares that, in no cases may delinquency charges be assessed against a new account's initial invoice until the account is forty-five days overdue.

     Provides that, in assessing delinquency charges, the holder of any retail installment contract, retail charge agreement, or lender credit card agreement must make reasonable allowances for disruption to the mail service.  If the postmark on the payment indicates it was mailed within a reasonable time of the due date and the delay was due to a disruption to the mail service, the delinquency charge must be removed from the account.

     Requires that delinquency charges for the late payment of a retail installment contract, retail charge agreement, or lender credit card agreement must be immediately removed from the account if the amount in delinquency is disputed by the account holder.  Such charges may not be returned to the account until the dispute is resolved.

     Declares that delinquency charges may not be assessed for the late payment or nonpayment of delinquency charges.