How much interest can the Lessor assess against the Lessee for overdue payments?
The Lessor and Lessee are free to negotiate a rate of interest for overdue payments in the Personal Property Rental Agreement. However, some jurisdictions have established a maximum level of interest that can be assessed, and the Lessor cannot exceed this maximum rate of interest even if the Lessee consents. As a lease is not a loan, the various usury limits are not applicable.
Related Questions
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