A Licensee shall pay a late fee of 1.5% per month, or the highest lawful rate, whichever is lower, for any payment received by the Copyright Owner after the due date set forth in Sec. 201.19(e)(7)(i) of this title. Late fees shall accrue from the due date until payment is received by the Copyright Owner. [74 FR 4529, Jan. 26, 2009, as amended at 78 FR 67942, Nov. 13, 2013]