North Dakota Code 13-01-15 – Late payment on accounts receivable – Periodic statement to be furnished to debtor
1. A creditor may not charge the account receivable late payment charge provided for under section 13-01-14 or 13-01-14.1 unless the creditor promptly supplies the debtor with a statement as of the end of each monthly period, or other regular period agreed upon by the creditor and the debtor, in which there is any unpaid balance.
Terms Used In North Dakota Code 13-01-15
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
2. Such statement must state, in any order, the following:
a. The percentage amount of the late payment charge which will be charged beginning thirty days after the obligation is incurred for purposes of section 13-01-14, or beginning after the billed medical services become delinquent for purposes of section 13-01-14.1.
b. The unpaid balance at the end of the period.
c. An identification of any amount debited to the debtor’s account during the period. d. The payments made by or for the debtor to the creditor during the period.
e. The amount of the late payment charge.
3. Additional items may be included in the statement to explain the computations made in determining the amount to be paid by the debtor.