1. If a person is required to make a payment to a mortgage company pursuant to the
terms of a loan secured by a lien on real property, the mortgage company may not charge
the person a late fee, an additional amount of interest or any other penalty in connection
with that payment if the payment is delivered to the mortgage company before 5 p.m.
(a) The day that the payment is due pursuant to the terms of the loan, if an office
of the mortgage company is open to customers until 5 p.m. on that day; or
(b) The next day that an office of the mortgage company is open to customers until
5 p.m., if the provisions of paragraph (a) do not otherwise apply.
2. A person and a mortgage company or mortgage loan originator may not agree to alter
or waive the provisions of this section by contract or other agreement, and any such
contract or agreement is void and must not be given effect to the extent that it violates
the provisions of this section.
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