(1) As used in this section, “commercial debt” means any obligation for payment of money or thing of value arising out of an agreement or contract, express or implied, in which the transaction that is the subject of the agreement or contract is not primarily for personal, family or household purposes.
(2) A person using a private collection agency to collect a commercial debt owed to the person may add a reasonable fee to the amount of the commercial debt, payable by the debtor, to compensate the person, in whole or in part, for the collection agency fee incurred or to be incurred. A person may not add a fee under this section that:
(a) Exceeds the collection fee of the private collection agency; or
(b) Was not authorized in the agreement or contract creating the commercial debt. [2003 c.66 §2; 2007 c.204 §2]Section: Previous 697.094 697.095 697.098 697.100 697.105 697.110 697.111 697.115 697.120 697.130 697.140 697.145 697.146 697.150 697.160 Next
Last modified: August 7, 2008