Legal Question in Credit and Debt Law in Virginia
legal limit on amount of interest charged
our town charges 120% apr late fee/ interest on late water/sewer bills; is there a legal limit?
An example bill of $60 paid one day late they will charge a late fee of $6.00 (they say they're charging 10% but according to my calculations is should be $.50 instead)
Asked on 4/17/07, 1:36 pm
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
Re: legal limit on amount of interest charged
They're allowed to charge in interest and late fees whatever the state legislature allows such towns and municipalities to charge for these particular items. (If someone believes
he or she is being overcharged in this particular jurisdiction for these items, then they should challenge it.)
Answered on 4/17/07, 3:18 pm
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