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Michigan late charges

Discussion in 'Business Fundamentals' started by glenspot, Jan 24, 2005.

  1. glenspot

    glenspot Senior Member
    Messages: 255

    I know..."check with your accountant"...

    Anyone in Michigan know the maximum late fee that you can charge?

    I THINK there is a difference between a late fee and a finance charge, right?

  2. Mower For Less

    Mower For Less Senior Member
    Messages: 108

    I got a non-legal answer for you: AS MUCH AS YOU CAN.

    What's the worse case, a court rules the fee was excessive and waives it?
    Best Case, they pay it.
    Better Case: Make sure your contract is worded to include the cost of collecting all debts.

  3. Mark Oomkes

    Mark Oomkes PlowSite Fanatic
    Messages: 13,250

    I believe 2% or 24% APR is the max allowed, not sure though.

    You can charge 'Rebilling Fees' though and there is not a limit on those.
  4. PATRIOTS 2004

    PATRIOTS 2004 Junior Member
    Messages: 2


    Off the subject.. did you notice they killed my post about SMG already? must be nice to have that kind of power over the FREEDOM of SPEECH and First Amendment of our constitution. The power of John Allin reaches far and wide, must be afraid of something?
    Last edited: Feb 1, 2005
  5. Mark Oomkes

    Mark Oomkes PlowSite Fanatic
    Messages: 13,250

    Yes I did notice, things like that happen around here. Long, long story.

    Other than the threat against you, I'm not sure what the reasoning was. I believe according to the rules, the person making the threat should have been warned\banned, not the whole thread removed.