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I need a lawyer to interpret Colorado Interest Rate Laws. For example if I do work for a customer as a Electrician and it's time and material with no written agreement, is 8% interest the max amount I can charge the customer? Same if I sell someone materials? Is there a lawyer on board? I would pay someone who is qualified to answer those questions.
You are looking at CRS 5-12-101 ? That's the rate of interest that applies pre-judgment if there is no written agreement for a different rate. If you sued them, and got a judgment against them, that judgment would include the amount owed plus that amount of interest calculated from the time the debt was due.
So I could charge more than 8% but the customer wouldn't be under any legal obligation to pay more than 8%
"if there is no written agreement for a different rate."
The local Bar Association should have a referral service, although based on location you may want to contact a more populated area to find someone specialized.
http://www.cobar.org/Local-Bar-Associations
No, without a written agreement, you can't really charge any interest for an unpaid debt. But if you sued them, then you would be awarded the statutory prejudgment interest with the judgment.Quote:
Originally Posted by PSS