What is the maximum NSF fee that Closet Storage Concepts can charge in Minnesota?
Closet_Storage_Concepts Franchise · 2025 FDDAnswer from 2025 FDD Document
860.4400D prohibits us from requiring you to assent to a general release."
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- Any reference to liquidated damages in the Franchise Agreements is hereby deleted in accordance with Minn. Rule 2860.4400J which prohibits r
Source: Item 23 — RECEIPTS (FDD pages 59–238)
What This Means (2025 FDD)
According to Closet Storage Concepts' 2025 Franchise Disclosure Document, the maximum NSF fee that Closet Storage Concepts can charge in Minnesota is $30. This is based on Minnesota Statute 604.113, which puts a cap on NSF checks. This statute applies to everyone in Minnesota who accepts checks, except for banks.
For a prospective Closet Storage Concepts franchisee in Minnesota, this means that if a customer's check bounces due to insufficient funds, the franchisee can charge a fee, but it cannot exceed $30. This is a legal limitation set by the state of Minnesota to protect consumers from excessive fees. Franchisees need to be aware of this limit to ensure they are in compliance with state law.
It is important for franchisees to stay updated on any changes to Minnesota statutes that may affect their business operations, including NSF fee regulations. While the FDD provides a snapshot of the legal landscape at the time of its issuance, laws can change, and franchisees are responsible for adhering to the most current regulations.