Q: I recently was charged a fee of $1000 for 3 days late Payment on a $4088 b’room remodel. Is this legal? Ursury? Colorado
Contract stated 25% fee every week for non payment. The original invoice was in dispute, and after 7 days they charged me $1022 in interest on an invoice of $4088. I believe in Colorado the ursury limit is 45% per annum. Does ursury limits apply in this case, or is it just consumer loans (money lending)
Usury does apply to late fees in lease agreements.
You may want to get an attorney to help you in dealing with this party. A demand letter from an attorney could help to convince the opposing party that this will not work out well for him/her.
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