Usury and Late Fees

[trc915]

Jurisdiction

Michigan

I screwed up and got behind on the payment for my storage unit. I expect some reasonable penalties and late fees but the fees I'm being hit with seem like usury to me. The owner wrote and mailed a notice on demanding payment and giving me only 2 days to pay since I didn't receive it until 3 days after it was mailed. The demand date was also a Saturday. The late fee if not paid by that date is $2/day. That amounts to 44% a month. That seems rather extreme with no real chance to pay it. I'm trying to get it caught up, but my finances are extremely limited until October. The fees she's trying to add will make it nearly impossible to ever pay off.

Am I correct that this is indeed usury and what remedy do I have? I can't afford a lawyer and legal services refused the case.

 

[army judge]

I think you misunderstand the proper application of usury laws.

This website might help:







Understanding Michigan Usury Law - Corporate Debt Advisors

 

[adjusterjack]

Am I correct that this is indeed usury and what remedy do I have? I can't afford a lawyer and legal services refused the case.

Read the Michigan Self-Service Storage Act to make sure that the owner is complying with it.

2017 Michigan Compiled Laws :: Chapter 570 - Liens :: Act 148 of 1985 SELF-SERVICE STORAGE FACILITY ACT (570.521 - 570.527)