§ 15001 Credit Union Late Fees

Financial Code·California

AI SummaryVerified

This law lets credit unions add a late fee when a member doesn't pay on time, but they can only charge it once and must follow other rules.

Key Takeaways

•A credit union can charge a late fee if you don't pay on time.
•The fee can only be applied once for each late payment.
•The fee must follow other laws, such as Section 2954.5 of the Civil Code.

Example

You miss a loan payment to your credit union and the payment is late.

The credit union can add a small late charge, but only one charge for that missed payment, and the charge must follow the rules in Section 2954.5 of the Civil Code.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 15001 Credit Union Late Fees

Every credit union may assess charges as approved by the board of directors for failure to meet punctually obligations to the credit union. Any late charge shall be made only once for each delinquent payment and shall be subject to Section 2954.5 of the Civil Code, Division 1.1 (commencing with Section 4000) of this code, and any other applicable law. (Amended by Stats. 1998, Ch. 539, Sec. 39. Effective January 1, 1999.)

Last verified: January 11, 2026

Key Terms

credit union late charge delinquent payment board of directors

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 15001.

Key Takeaways

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Key Terms

Related Statutes

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Key Takeaways

Example

Key Terms

Related Statutes

References