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)
A:
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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