what is the maximum late fee penalty allowed in your state?

Discussion in 'General Carpet Cleaning & Upholstery Discussion' started by Rafa-L, Oct 2, 2009.

  1. Rafa-L

    Rafa-L New Member

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    what is the maximum late fee penalty allowed in your state for either residential or monthly commercial accounts receivable?
  2. Jason Whaley

    Jason Whaley Super Moderator & TMF Carpet Cleaning Specialist

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    Honestly.... I have no clue. I charge 10% per month on the total bill for late payment over 30 days.
  3. Kevin Dumas

    Kevin Dumas Well-Known Member

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    Now tell us how many times you have collected a 10% late fee.
  4. Jason Whaley

    Jason Whaley Super Moderator & TMF Carpet Cleaning Specialist

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    Less than 10 times..... I don't really have any slow payers anymore. I had one last year and I collected 8 months worth of 10% late fees with the help of a lawyers letterhead. The late fees alone were as much as the original bill.

    It is stated on every bill!

    ALL PAST DUE ACCOUNTS ARE RESPONSIBLE FOR 10% SERVICE CHARGE PER MONTH PLUS COST OF COLLECTION INCLUDING ATTORNEY FEES

    Its more of a scare tactic than anything else and I will let people slide for a reasonable time frame such as 10 - 20 days over the 30 on my commercial accounts. All of my residential is COD. They have never paid a late fee.
  5. homebrewer27

    homebrewer27 New Member

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    There is no maximum in my state, but the charges must be "reasonable."
  6. Glides-R-Us 1-757-486-3532

    Glides-R-Us 1-757-486-3532 I sell glides

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    Great if you can get it. Here the late fee is limited to 2.5% per month(30% per year) by law. Only ones that have found a way around that are the pawnshops and the Payday loan shops. They average 500% or so. lol:eek:
  7. tony123

    tony123 Member

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    i need to start charging. i have only ever had a few late payers. but at the moment there's one bar owner that is taking the pi**! its been 3 months now!

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