Does Counselor Realty specify when interest charges begin to accrue on overdue amounts?
Counselor_Realty Franchise · 2025 FDDAnswer from 2025 FDD Document
- H. Counselor will charge you interest on any amount due to Counselor not paid when due, from the date due until paid, at a rate of the lower of eight percent (8%) per year or the maximum contract rate of interest allowed by law in the state where your Business is operated. If Counselor commences suit to collect amounts due, it is entitled to recover its costs, including reasonable attorneys' fees, in addition to its other recoveries. Interest and late payments are not refundable. Your failure to pay amounts owing constitutes good cause for Counselor to terminate the Franchise Agreement. See Item 17.
Source: Item 6 — OTHER FEES (FDD pages 9–13)
What This Means (2025 FDD)
According to Counselor Realty's 2025 Franchise Disclosure Document, interest will be charged on any overdue amounts. Specifically, Counselor Realty will charge interest from the date the payment was due until it is paid. The interest rate will be the lower of 8% per year or the maximum contract rate of interest allowed by law in the state where the Counselor Realty business is operated.
In addition to interest, if Counselor Realty has to commence a suit to collect overdue amounts, the franchisee is responsible for covering Counselor Realty's costs, including reasonable attorney's fees. These interest and late payment fees are nonrefundable.
Failure to pay amounts owed to Counselor Realty constitutes grounds for termination of the Franchise Agreement, as detailed in Item 17. The table in Item 6 also mentions "Late Charges" and refers to "Note H", which corresponds to the quoted text. This reinforces that late payments are subject to interest, payable when billed.