How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask LawTalk Your Own Question
LawTalk
LawTalk, Attorney
Category: Legal
Satisfied Customers: 37358
Experience:  I am a practicing attorney with more than 3 decades of experience in the legal field.
15277592
Type Your Legal Question Here...
LawTalk is online now
A new question is answered every 9 seconds

What is the maximum interest rate I can charge on passed due

Customer Question

What is the maximum interest rate I can charge on passed due billings in Colorado. On the first invoice it states this account accrues interest
Submitted: 1 year ago.
Category: Legal
Expert:  LawTalk replied 1 year ago.

Good afternoon,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.

Under CO law, if the product sold is not for personal, family or household use, the usury limit is 45% per annum.

If the debt is for personal, family or household use, then the Usury limit is 12% per annum.

Here is a link detailing the CO Usury laws: http://usurylaw.com/state/colorado.php

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

Please remember to rate my service to you so that I can be compensated for helping you. Thank you in advance.

I wish you and yours the best in 2015,

Doug

Customer: replied 1 year ago.
I bill for ambulance companies, on the first invoice I put in the comments this account accrues interest. My question is how much interest is allowed I currently have the accounts at 18% is this legal?
Expert:  LawTalk replied 1 year ago.

Hi,

Most medical bills are considered non-consumer debts, as opposed to loans for personal, family or household use, and therefore qualify as business debts. This is based on the premise that one does not voluntarily take on emergency medical services bills---like one would a car loan. On the other hand, a loan for a face lift or other elective procedure could arguably be classified as a personal loan subject to the lesser limit of 12%.

Under CO law, if the product sold is not for personal, family or household use, the usury limit is 45% per annum. Given this, the 18% interest rate for a non-consumer debt would be legal.

Here is an article that may interest you. http://www.nolo.com/legal-encyclopedia/consumer-non-consumer-debts-bankruptcy-means-test.html

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

Kindly, remember to rate my service to you. That is how I am credited for assisting you.

I wish you and yours the best in 2015,

Doug