I live in Oregon.
What is the legal limit (percentage) that I can be charged in interest?
If I have signed a contract that does NOT mention the charging of interest if the invoice becomes overdue, however it IS mentioned on all overdue invoices that I receive, do I still have to pay the added interest, or am I void from having to pay it because it was not mentioned in the original contract?
2007-06-13 10:04:39 · 3 answers · asked by Sarah 3 in Business & Finance ➔ Small Business
This is for photography services... The original contract only mentions that the balance is due when the photos are completed and the invoice includes that date and mentions interest will be accrued if not paid within a month.
2007-06-13 10:14:00 · update #1
There is a legal limit. Somewhere in the low twenties, anything about that is considered usuary.
Just pay your bill and don't worry about the interest.
2007-06-13 10:26:08 · answer #1 · answered by Tim 7 · 0⤊ 0⤋
What is the product or service? If it involves a public utility like telephone, there are probably established rules.
Does the contract address overdue bills at all?
2007-06-13 17:08:10 · answer #2 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
There is NO limit on interest in a commercial transaction.
Caveat Emptor
2007-06-13 17:10:12 · answer #3 · answered by Anonymous · 0⤊ 1⤋