Legal Question in Consumer Law in Virginia
I have a business in Virginia and have been advised there is a maximum APR I can charge for customer unpaid balances (I recall it was somewhere in the amount of 5.25%, I believe). Given this information...how is it that a Virginia university can charge their students a 10% late fee on unpaid tuition after only a 30-day billing period?
Asked on 9/29/10, 11:21 am
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
Late fees are separate and apart as chargeable items from maximum APR.
Answered on 10/04/10, 11:31 am
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