Failure to clear all account balances can result in late payment penalties. An initial Late Payment Fee of $50 will be charged on any outstanding balance during the first billing period. A 1 1/3 percent monthly (16 percent annually) Late Payment Penalty will be assessed on any outstanding balance thereafter. In addition, failure to make timely payment of housing charges violates the dormitory agreement and may result in eviction. Furthermore, unpaid accounts can be referred to a collection agency.