Does Counselor Realty specify the method of payment for interest on overdue amounts?
Counselor_Realty Franchise · 2025 FDDAnswer from 2025 FDD Document
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| (1) Name of Fee | (2) Amount | (3) Due Date | (4) Remarks |
|---|---|---|---|
| Base Monthly Fee | $371 per month | Payable monthly by the 20th day of the month | See Note A |
| Continuing Agent Fee | $32 to $53 per licensed agent operating from or through your Office | Payable monthly by the 20th day of the month | See Note B |
| (1) | (2) | (3) | (4) |
| Name of Fee | Amount | Due Date | Remarks |
| Late Charges | Lesser of 8% per year or maximum contract rate of interest allowed by law | Payable when billed | See Note H |
| Insufficient Funds/ Return Fees | Amount of the insufficient funds or return fee charged by Counselor's bank | Payable when billed | See Note I |
| Training Fees | $175 per hour, plus all travel, living and incidental expenses | Payable when billed | See Note J |
| Legal Fees | As incurred | Payable when billed | See Note K |
| (1) | (2) | (3) | (4) |
| Name of Fee | Amount | Due Date | Remarks |
| Late Charges | Lesser of 8% per year or maximum contract rate of interest allowed by law | Payable when billed | See Note H |
| Insufficient Funds/ Return Fees | Amount of the insufficient funds or return fee charged by Counselor's bank | Payable when billed | See Note I |
| Training Fees | $175 per hour, plus all travel, living and incidental expenses | Payable when billed | See Note J |
| Legal Fees | As incurred | Payable when billed | See Note K |
Source: Item 6 — OTHER FEES (FDD pages 9–13)
What This Means (2025 FDD)
According to Counselor Realty's 2025 Franchise Disclosure Document, interest on overdue amounts is payable when billed. The FDD specifies that Counselor Realty will charge interest on any amount due that is not paid when due, from the date it 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 business is operated.
If Counselor Realty commences a suit to collect amounts due, they are entitled to recover costs, including reasonable attorney's fees, in addition to other recoveries. The FDD also states that interest and late payments are not refundable. Failure to pay amounts owing constitutes good cause for Counselor Realty to terminate the Franchise Agreement.
The table in Item 6 also lists "Late Charges" with the same interest rate information and specifies that it is "Payable when billed". This reinforces the payment terms for overdue amounts and ensures that franchisees are aware of when they are expected to pay any accrued interest.