What is the maximum Insufficient Funds Fee that Kidokinetics can charge per occurrence in Minnesota?
Kidokinetics Franchise · 2024 FDDAnswer from 2024 FDD Document
nesota law will prevail.
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- Sections 5.5.5 and 5.6.1 of the franchise agreement are amended by the addition of the following language: "These provisions are not enforceable under Mi
Source: Item 23 — RECEIPT (FDD pages 59–205)
What This Means (2024 FDD)
According to Kidokinetics' 2024 Franchise Disclosure Document, the maximum Insufficient Funds Fee that Kidokinetics can charge a franchisee in Minnesota is $30 per occurrence. This is due to an amendment that limits the fee, as stated in Item 6 of the FDD and Section 5.6.3 of the Franchise Agreement, to comply with Minnesota Statute 604.113.
This amendment is specific to franchises operating in Minnesota, ensuring that the franchise agreement adheres to Minnesota state law regarding insufficient funds fees. For prospective franchisees in Minnesota, this means that the standard terms of the franchise agreement regarding insufficient funds fees are superseded by the $30 limit.
It is important for potential Kidokinetics franchisees in Minnesota to understand that this amendment protects them from being charged excessive insufficient funds fees, aligning the franchise agreement with state regulations. This type of state-specific addendum is common in franchising to ensure compliance with local laws, which can vary significantly from state to state.