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Dark Knight / Le Chevalier Noir
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---- Nous avons besoin d'un traduction français!
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I was making the cheque to the Mississauga Convention Centre for the site we used last weekend. On the invoice it says "to avoid daily interest charges at a annual effective rate of 60%, on the total balance outstanding, you must pay within 14 business days".
I was making the cheque to the Mississauga Convention Centre for the site we used last weekend. On the invoice it says "to avoid daily interest charges at a annual effective rate of 60%, on the total balance outstanding, you must pay within 14 business days".
I think I can get a better rate from the mafia :)
Lrry
Hi Larry:
From many years distant, I think I remember Canada has a "Usury Act" or some such thing that sets what is an illegal interest. Someone more current on consumer rights will have to google this and confirm I have not gone totally daft yet.
The Problem: I think it does not apply to real estate (Including commercial rental).
Finally, a place like the Mississaug Convention Centre, that rents to the world as its main business, could not afford to be so stupid as to have illegal rental terms. If they do, recommend they fire their Bay St. lawyers........
........and hire me (I'll come back into practice! :) Money does have some enticement to everyone!).
I'm looking forward to the legal beagle who knows this.
Bob A
Last edited by Bob Armstrong; Wednesday, 26th April, 2017, 03:02 PM.
I was making the cheque to the Mississauga Convention Centre for the site we used last weekend. On the invoice it says "to avoid daily interest charges at a annual effective rate of 60%, on the total balance outstanding, you must pay within 14 business days".
I think I can get a better rate from the mafia :)
Lrry
These days, it seems what is legal is conflated with what one can get away with...
I was making the cheque to the Mississauga Convention Centre for the site we used last weekend. On the invoice it says "to avoid daily interest charges at a annual effective rate of 60%, on the total balance outstanding, you must pay within 14 business days".
I think I can get a better rate from the mafia :)
Lrry
I'm not sure about the legalities today but this rate was legal a number of years ago and was still legal in 2013 but just barely.
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