Legal Question in Credit and Debt Law in Texas

Finance Charges By Broker

I am a licensed real estate agent working under a Broker in Texas. For the past few years, the broker has offered to assist agents in his office by ''footing the bill'' on advertising and other related expenses. The balance has been carried on the books and we are given a statement monthly. As of the last few months, he assessed a 1.5% late fee on balances that are not paid in full by the end of the month. We have no written agreement regarding such accounts. Can he legally charge interest on these balances?


Asked on 1/08/02, 11:10 pm

1 Answer from Attorneys
James Grissom Law Office of James P. Grissom

Re: Finance Charges By Broker

Interest at the rate stated is usurious (legally excessive) without an agreement in writing. I would be interested in assisting the agents in recovering these illegal charges. Natuarally, you would be risking your relationship with the broker. If you want my assistance, please contact me via e-mail.

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Answered on 1/09/02, 11:53 am


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