Legal Question in Business Law in New Jersey

Re: What is the maximum finance charge for New Jersey?

You should consult with an experienced attorney, but setting this up should not take very long at all (and should not cost very much). You need a written agreement (and this can be done in a couple of ways) before you will be able to go to Court if needed to enforce a claim for interest on invoices. Again, doing this right will take only a brief bit of work by an attorney.

You apparentlly run a small business in northern NJ. I would be delighted to become your attorney.

If you would like, give me a call to set up an appointment; I am in northern New Jersey. My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.

Disclaimer: you can not rely on the advice of an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.

Re: What is the maximum finance charge for New Jersey?

Believe it or not you can charge up to 30% annually unless the debtor is a corp., an LLC or an LLP in which case you can charge up to 50%.

If you charge interest regularly as part of your business you must comply with the federal Truth in Lending law and regulations but to be honest, most business supply stores carry preprinted purchase orders that have all the necessary clauses, you just have to calculate the APR.

You should be aware that if you don't follow the applicable law there can be stiff penalties and the person who owes you money might be able to sue you so you should consult an attorney at least at the outset to learn the do's and don't's of charging interest.