Late Payments

Q: What is considered a late payment?

A: Monthly payments are due on the 20th of each month. A late fee of $10 is assessed for each payment received more than 15 days from the due date. The late fee will be charged for each month a payment is late.

Q: At what point will the Board terminate a contract for nonpayment?

An account is considered "delinquent" if a payment has not been received within 30 days of the due date. Account owners have 180 days from notice of delinquency to bring account payments current. If the account owner is unable to bring the payments current within 210 days of the original due date, the contract will be terminated. Upon contract termination, the account owner will receive a refund of money paid into the plan, minus a cancellation fee of $50 or 50 percent of the monies paid into the plan, whichever amount is less, and minus any outstanding late and non-sufficient fund fees. (This cancellation fee is waived if the account owner holds the contract for more than two years.)

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