Finance Charges on Services

What is the name of your state (only U.S. law)? Georgia

Is there a maximum annual finance charge (in Georgia) that can be applied to overdue accounts for services that have been provided to clients?What is the name of your state (only U.S. law)?

Is this for collections or is this in-house past due accounts? And what kind of service?

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One of my clients provided services ($10,000 worth of drafting services) to his client about a year ago and the services have not been paid for. My client was recently told that the max % he could charge was 16% in Georgia for overdue accounts but the only thing I can find in reference to a 16% max is on consumer loans of $3000 or less.

bcrcpa said:

One of my clients provided services ($10,000 worth of drafting services) to his client about a year ago and the services have not been paid for. My client was recently told that the max % he could charge was 16% in Georgia for overdue accounts but the only thing I can find in reference to a 16% max is on consumer loans of $3000 or less.

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Correct, that's GA's usury law for small loans. Did the client sign a contract? If so, what rate, if any, was listed in the contract?