Sec. 124.153.  PENALTY FOR LATE PAYMENT.  (a)  A credit union, in accordance with its bylaws, may charge a member a penalty when a loan payment is past due.
(b)  A credit union may charge only one penalty on each past due payment.
(c)  A penalty under this section is not interest.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.