Yes, you are entitled to send out reminder invoices. However truth in lending and credit laws require that you inform them of a penalty if it is late.
This is usually done when the contract for service or product is initially made. (time of purchse).
for example: A penalty of 7% will be added to the bill for all bills paid greater than 30 days late. You shoud be running an aging report to indicate who is late by how much.
The Colroado usry laws limit the amount of interest you can charge to:
COLORADO, the legal rate of interest is 8%; the general usury limit is 45%. The maximum rates to consumers is 12% per annum
I would charge the 12% per annum rate for your circumstances.
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