This idea has been previously submitted by Dona Gibson over a year ago, but no action has been taken to implement the idea. It is something we all deal with, and it is an option provided in other CMS settings, such as Pearson's Mastering courses. Here is part of Dona's submission:
"Instructors are looking for the ability to set a certain number of points or set a certain percentage to automatically be deducted from the assessment grade submitted after the assigned due date. The grade deduction should have the options to be done after a number of hours, days or weeks pass the due date. Instructors may allow the student to make-up or complete assessments after the due date without a valid excuse with a grade penalty."
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