(a) A supervised financial organization or charge card issuer
may not charge more than any of the following amounts:
   (1) If set forth in the consumer credit or charge card agreement,
one of the following fees:
   (A) Seven dollars ($7) with respect to any monthly billing cycle
as a late payment charge on the minimum payment due that is not paid
within five days after the date the payment is due.
   (B) Ten dollars ($10) with respect to any monthly billing cycle as
a late payment charge on the minimum payment due that is not paid
within 10 days after the date the payment is due.
   (C) Fifteen dollars ($15) with respect to any monthly billing
cycle as a late payment charge on the minimum payment due that is not
paid within 15 days after the date the payment is due.
   (2) In lieu of the fee permitted by paragraph (1), if the consumer
has already incurred two late payment fees during the preceding
12-month period, the fee charged may be no more than ten dollars
($10) with respect to any monthly billing cycle as a late payment
charge on the minimum payment due that is not paid within five days
after the date the payment is due.
   (3) Ten dollars ($10) with respect to any charge that causes the
outstanding balance to exceed the credit limit by five hundred
dollars ($500) or 120 percent, whichever is less. No overlimit fee
may be charged unless the charge causes the outstanding balance to
exceed the credit limit by five hundred dollars ($500) or 120
percent, whichever is less. Not more than one overlimit charge may be
assessed with respect to any monthly billing cycle.
   (b) In addition to imposing a fee for any late payment or
overlimit as authorized by subdivision (a), a supervised financial
organization may assess a finance charge at the rates set forth in
the consumer credit agreement on the outstanding balance, which may
include any late payment or overlimit fee charged on a prior billing
statement.
   (c) Whenever a consumer fails to make a minimum payment on or
before the due date specified in the billing statement, plus the
applicable late payment grace period, a late payment fee may be
assessed by the supervised financial organization or charge card
issuer. A supervised financial organization or charge card issuer may
impose no more than one late payment fee with respect to any monthly
billing cycle. All payments by the consumer shall be applied by a
supervised financial organization to satisfaction of scheduled
payments in the order that they become due. A charge card issuer
shall apply all payments made by the consumer to satisfaction of
unpaid amounts in the order that they become due.
   (d) A supervised financial organization shall provide a minimum
number of days between the monthly billing statement date and the
date upon which the minimum payment is due, exclusive of the
applicable late payment grace period provided for in paragraph (1) of
subdivision (a), and a charge card issuer shall provide a minimum
number of days between the monthly billing statement date and the
date upon which the applicable late payment grace period provided for
in paragraph (1) of subdivision (a) begins to run, of at least:
   (1) Twenty-three days, on an average basis over a calendar year or
other consecutive 12-month period, for any organization or issuer
charging the fee authorized by subparagraph (A) of paragraph (1) of
subdivision (a).
   (2) Twenty days, on an average basis over a calendar year or other
consecutive 12-month period, for any organization or issuer charging
the fee authorized by subparagraph (B) or (C) of paragraph (1) of
subdivision (a).
   (e) (1) The applicable late payment grace period and fee shall be
disclosed in the consumer credit agreement. The late payment grace
period shall be disclosed in the consumer credit or charge card
agreement but need not be disclosed in any monthly or other billing
statement. The amount and conditions for imposition of any fee for
overlimit activity shall also be disclosed in the consumer credit or
charge card agreement.
   (2) If a consumer credit or charge card agreement contains a
provision for a late payment fee or overlimit fee, each monthly or
other billing statement shall disclose the amount of the late payment
and overlimit fee and the date the minimum payment is due.