Late payment law

[magicmike]

Is there a federal late payment law? A max a company can charge for a late payment. Or is that a state regulation? I've been trying to look it up couldn't find anything either I looked in the wrong places or there is none. If it state anyone from New York know about it?
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[zackvbra]

the feds cant tell businesses what they can charge as a late payment, unless its a national company. only the state that issues your business license can regulate that.

[The Turf Guys]

Your state sets the rate. I believe my state is 16% per YEAR. comes out to something like 1.34% per month.

[grandview (2006)]

Pulled this from somewhere.

We had this conversation with a construction attorney 2 nights ago.
In NY, if you have it in writing, either in the proposal or on the invoice, you will be able to possibly collect a fee.
If you do not put it in writing and get the customers signature either on the proposal or invoice, your chances of collection are almost nil. If it goes to court, and you have not put it in writing with a signature, no matter how good of an attorney you have, it will be thrown out of court.

The maximum value is 24.99% for 12 months. He told us the standard fee charged is 1.5% per month.

[lawnlandscape]

As grandview said, the standard late payment free companys charge is 1.5% per month.

That what we do, but we have a $2.50 minimum for smaller balances