can a CA legally charge interest on a returned ck? is there a state law that allows this I know they can charge bank fees but interest also? Thx
Each state has a maximum amount that can be charged for a returned check. In CA, I have been informed that $120 is the max, no matter the duration of the debt.
http://www.nationalcredit.com/badcheck.html This shows that in some states, interest can be collected, and in others, not.
can anyone plz help ? chipper, Thank you for taking the time to reply to my question I really appreciate your responses and trying to help however this is not quite what I am looking for. I am already aware of what penalties and bank fees that can be collected in my state. on ret cks. I need to know if a CA can legally charge interest on a returned ck either under the FDCPA or Ca state law.
I see what you are saying. I'm still determined to help Are you in California? If so this is what I dug up: (d) Interest cannot be claimed if either a service charge or a penalty is claimed http://www.dca.ca.gov/legal/k-5.html Tell me what you make of that, as I am curious. I have a bad check written to a pizza place in 2001 (wrote check from a closed account by accident) and it is now at a law firm. There is no interest charged by them, as there is a service charged in lieu of the interest.
Fun, The link last posted by Chipper is the BEST and most comprehensive for Calif. The FDCPA only allows charges authorized by an agreement or otherwise allowed by law. Sassy
Hi sassy & chipper in reading the above link I was trying to figure out if this senerio would be considered double penalties according to CA laws? amount of check 5$ service fee 25$ return ck fee interest to date can all this be legally charged? what do you think thx fun
