Maine late fee law

We have not been able to confirm whether this figure is a contract-silent default, a litigation-only rate, or a ceiling. Do not rely on it without counsel.

Maine has no general 'legal rate of interest' statute for ordinary commercial trade debt. The 6% default rate in 9-B M.R.S. § 432 applies only to loans made by financial institutions absent a written agreement. For litigated claims, prejudgment interest is the contract rate where the contract provides one, otherwise the one-year U.S. Treasury bill (constant maturity) rate plus 3% (14 M.R.S. § 1602-B); post-judgment interest is the contract rate or the one-year T-bill rate plus 6% (14 M.R.S. § 1602-C). All three sections verified on legislature.maine.gov. For a non-litigated overdue invoice with no agreed rate, no fixed statutory rate applies - verify with counsel. Rate type not classified: Maine has no general legal-rate statute for ordinary commercial trade debt, so no default rate accrues on a silent B2B invoice. Verify with counsel.

Yes - Maine imposes no general usury cap on commercial/business credit; interest-rate limits are found in the Maine Consumer Credit Code (Title 9-A) and apply to consumer transactions, and 9-B M.R.S. § 432 lets financial institutions charge any rate agreed in writing on commercial loans. Agreed B2B interest/late-charge terms are therefore generally enforceable subject to unconscionability.

public+private-construction

Maine's construction prompt-payment chapter (10 M.R.S. §§ 1111-1120) covers construction contracts including both private owners and public projects: owners must pay contractors within 20 days of the invoice or end of the billing period; late amounts accrue interest at the 14 M.R.S. § 1602-C rate (one-year T-bill + 6% or contract rate), and amounts found wrongfully withheld can draw an additional penalty of 1% per month plus attorney fees to the substantially prevailing party. No act covering ordinary non-construction private commercial invoices was found.

No distinctive Maine statute on flat late fees for commercial invoices was found; the default rule applies - agreed late fees are enforceable if reasonable liquidated damages rather than penalties. Because there is no fixed statutory default rate for trade debt, sellers should specify a late-interest rate in the contract; otherwise recovery is generally limited to prejudgment interest under 14 M.R.S. § 1602-B.