Late Submission of Assignment Policy

Can Populi automatically apply our College's late policy to assignments? So Professors still grade the assignment, but then Populi would make it easy to apply our late policy. For example, a late policy could be: Standard Late Penalty
• Up to 24 hours late: 10% deduction
• 24–48 hours late: 20% deduction
• 3–5 days late: 30% deduction
• 6–7 days late: Maximum earned score of 50%