Limitation on default charges

5-3-302. Limitation on default charges. Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a consumer credit transaction may not provide for charges as a result of default by the consumer other than those authorized by this code. A provision in violation of this section is unenforceable. Source: L. 2000: Entire article R&RE, p. 1221, � 1, effective July 1. Editor's note: This section is similar to former �� 5-2-414 and 5-3-405, as they existed prior to 2000.