Is the interest rate on overdue 360 Painting Continuing Fees capped by law?

Based on the 2025 Franchise Disclosure Document, the FDD does not explicitly state whether the interest rate on overdue Continuing Fees for a 360 Painting franchise is capped by law. The document does not provide information on specific interest rate caps related to late payments of continuing fees.

However, the document mentions that the franchisee must be current in the payment of all obligations to the franchisor and any of its affiliates and subsidiaries, as well as lessors, vendors, and suppliers of the business, and must have timely met those obligations throughout the term of the agreement. This implies that there are obligations to pay fees on time, but it does not specify the interest rate or whether it is legally capped.

A prospective franchisee should seek clarification from 360 Painting regarding the interest rate applied to overdue Continuing Fees and whether any legal restrictions or caps apply to such rates in their specific jurisdiction. This information is crucial for understanding the full financial obligations and potential penalties associated with the franchise agreement.