(a) In this section, "electronic payment" means a payment made by credit card, debit card, electronic funds transfer, electronic check, or other electronic method.
(b) A holder of a retail installment contract or the holder's agent may collect a fee for processing a retail buyer's electronic payment under the contract only if:
(1) the fee is reasonably related to the expense incurred by the holder or holder's agent in processing the electronic payment;
(2) the fee does not exceed the lesser of $10 or five percent of the amount of the payment; and
(3) the holder or holder's agent:
(A) allows the buyer to make a payment by a method other than an electronic payment that does not incur a fee;
(B) does not establish electronic payment as the expected form of payment; and
(C) informs the buyer of the following before the buyer agrees to make an electronic payment:
(i) the amount of the fee to be charged under this section;
(ii) that the buyer may make a payment by an alternative method that does not incur a fee, including by check, cash, or money order; and
(iii) that the holder or holder's agent may not establish electronic payment as the expected form of payment.