Legal Question in Consumer Law in New Jersey
Legality of Late Fees & Interest
In the state of New Jersey: Is there a legal limit to the amount or percentage of late fees and/or interest a veterinarian can charge?
Asked on 8/23/08, 4:22 pm
1 Answer from Attorneys
John Corbett
Corbett Law Firm LLC
Re: Legality of Late Fees & Interest
The State does not impose a maximum interest, but the fees and interest must be in accordance with a contract. It is not uncommon for businessees to add interest and fees that have no contractual basis. If you signed an agreement that you would pay, then the charges may be enforceable. If you had notice of the charges prior to accepting the services, the charges may be enforceable. If neither of those circumstances apply, the charges are subject to challenge.
See also: http://info.corbettlaw.net/lawguru.htm
Answered on 8/24/08, 11:32 am
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