What is the minimum late fee charged by Care Plus Medical Ucc?

According to Care Plus Medical Ucc's 2024 Franchise Disclosure Document, if a franchisee fails to make a required payment when it is due, Care Plus Medical Ucc may charge a late fee. The late fee consists of two components: $100, plus interest on the unpaid amount. The interest rate is set at 18% per year, but if this rate exceeds the maximum allowed by law, the interest will be charged at the highest rate legally permissible. Additionally, Care Plus Medical Ucc will charge $30, but if that amount exceeds the maximum allowed by law, then the maximum allowed by law will be charged.

In practical terms, this means a Care Plus Medical Ucc franchisee can expect to pay at least $130 in late fees, plus interest, for any overdue payments, subject to legal limitations on maximum fees. It is important to note that the actual late fee could be higher depending on the amount of the original unpaid balance, as the 18% annual interest would be calculated on that balance.

Franchisees should be aware of these potential late fee charges and ensure timely payments to avoid incurring these costs. It is also important to understand the legal limitations on late fees in the relevant jurisdiction, as these may affect the actual amount charged by Care Plus Medical Ucc.