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Late fees in california, help?

Discussion in 'Business Operations' started by MowinginEureka, Jul 31, 2009.

  1. MowinginEureka

    MowinginEureka LawnSite Member
    Posts: 238

    I need a piece of paper that says I can legally charge a late fee in the state of california. I have an anal customer that says I cant because Im not a bank. Everyone of my vendors charges me 18% apr, or 1.5 % per month. That is what I have been charging for years.
  2. bohiaa

    bohiaa LawnSite Fanatic
    Posts: 5,220

    it's set by the feds. it gets real complicated on how to figure it out....

    But 6% is about as high as you can go.

    and NO you dont need a paper saying so.

    HOWEVER, you do need it in writting as in a contract with the payers signiture.
    this will prove that they not only are informed of the late fee, but they agree to it.

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