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Posted in Paying Your Bills
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Wimink

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Are there state laws regarding grace periods?
I have a credit line with One Care and if my payment is 1 day late, I am assessed 40.00. I found out today that my state mandates grace periods for car payments. Is there an entity in my state that I should be asking about this?

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Top Contributor
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Try your states

Department of consumer affairs or your states trade commision.

As far as I know, the aggreement that you sign with the lender will dictate the terms of when payments are due and when late fees will be charged. If your state requires that there be a grace period, it should be in the contract, or the contract would be illegal.

Check your contract first. if you aren't satisfied then do more research.

Good luck

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