What is the maximum interest rate Deck Medic can charge in California, as stated in Item 6?

According to Deck Medic's 2024 Franchise Disclosure Document, Item 6, concerning "Other Fees," is supplemented for California franchisees. The amendment states that the highest interest rate Deck Medic can legally charge in California is 10%. This means that any fees or financing arrangements offered by Deck Medic to franchisees in California cannot exceed this interest rate.

This disclosure is particularly important for prospective Deck Medic franchisees in California because it sets a clear limit on the interest rates they might encounter in various financial transactions with the franchisor. These transactions could include financing the initial franchise fee, purchasing equipment, or other ongoing fees that may be subject to interest. By capping the interest rate at 10%, the amendment aims to protect franchisees from potentially predatory lending practices and ensures compliance with California's usury laws.

Prospective franchisees should carefully review all fee schedules and financing agreements to ensure that the interest rates comply with this 10% cap. It is also advisable to consult with a legal or financial professional to fully understand the implications of any financing arrangements offered by Deck Medic. This amendment provides a specific legal protection for California franchisees, ensuring that they are not subjected to excessive interest charges.