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What is the exception to the insufficient funds fee charged by Chocolate Fish Coffee?

Q: What is the exception to the insufficient funds fee charged by Chocolate Fish Coffee?

l pay a \$100 "late fee" plus interest on the unpaid amount at a rate equal to 18% per year (or, if such payment exceeds the maximum allowed by law, then interest at the highest rate allowed by law). - Source: Item 23 — RECEIPTS (FDD pages 41–119)

Chocolate_Fish_Coffee Franchise · 2024 FDD

Answer from 2024 FDD Document

l pay a $100 "late fee" plus interest on the unpaid amount at a rate equal to 18% per year (or, if such payment exceeds the maximum allowed by law, then interest at the highest rate allowed by law).

Source: Item 23 — RECEIPTS (FDD pages 41–119)

What This Means (2024 FDD)

According to Chocolate Fish Coffee's 2024 Franchise Disclosure Document, Chocolate Fish Franchising may charge a $30 fee for any payment returned due to insufficient funds. However, this fee is subject to an exception. If the $30 amount exceeds the maximum amount allowed by law, then the insufficient funds fee will be the maximum fee allowed by law. This means that the insufficient funds fee may be less than $30, depending on the applicable laws.

Disclaimer: This information is extracted from the 2024 Franchise Disclosure Document and is provided for research purposes only. It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.

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