In every state you will find that there are different bad check laws, or guidelines on how much interest you can charge, which can also depend on the type of debt we are talking about. For example, did you know that in Massachusetts the interest rate is 12% for legal, judgements and contract unless there was an agreement to a higher rate in writing by the debtor or customer but that in Mississippi the legal amount is 8% and if you obtain a judgment the amount has to be in the contract and if there is no contract the court decides? I could go on and on, you must be aware of these laws in your state and the states you are doing business in.
How is a business owner suppose to keep up to date on all this you might ask. Well some good friends of mine at The National List of Attorney's have compiled all of these laws and are offering a free pdf download of this information. I would highly recommend that every one who reads this gets a copy and makes sure they are following the law.
Remember that his free list is an outline of laws broken down by state but it is not the actual statute or law, nor is it intended as legal advice, but if you can use this guide to help you in your research of the interest rates you can charge, or the fees you can charge for a bad check or to find out the statute of limitations on a debt someone owes you, you will be much more effective.
I have been dealing with the National List of Attorneys for years and can highly recommend them and their services. They have a worldwide membership of experienced bonded attorneys and law firms that deal with bankruptcy, collection, and much more that you may find a need for when you have your own business.
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