Minnesota Late Fee Calculator
Based on Minn. Stat. §334.01 (legal rate of interest)
QuickBillMaker applies late fees automatically based on your configured policy. Set it once and stop chasing payments by hand.
How Minnesota late fees work
In Minnesota, late payment fees on commercial invoices are governed by Minn. Stat. §334.01 (legal rate of interest). The legal maximum is 0.67% per month (8.040000000000001% annualized). Legal rate 6% per year; written contracts may set up to 8% per year. Commercial may go higher with explicit agreement.
The fee must be stated in a written agreement before the work is performed. Without a written rate, only the statutory default rate applies.
Minnesota prompt-pay law
Minnesota Prompt Payment Act (Minn. Stat. §471.425 for public; §337.10 for construction) Public: 35 days from invoice. Construction subs paid within 10 days of GC receiving payment; 1.5% per month interest if late.
Stop calculating late fees by hand
QuickBillMaker applies your Minnesota late fee rate automatically when invoices go overdue.
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