b'Legally SpeakingThe trial court agreed with the homeowner and held that theviolates these statutes can be penalized, such as with ICCC applied because the contract included a late chargetreble damages and attorneys fees.for overdue payment.The trial court thought that this fee was a time price differential (where a seller chargesA charge for late payment is a common feature of contracts. one amount for immediate cash payment and anotherHowever, a late fee like the one in this case is not a right amount if payment is due at a future date or in installments)to defer payment or a time price differential.A late fee because the fee gave the homeowners the right tois simply a consequence of a customer breaching the defer payment after the job was done.As the trial courtcontract by not paying the contractor when due.A late fee thought the contractor granted the homeowners the rightdoes not mean the customer has the right to wait to pay to defer payment, the contractor extended credit to thethe contractor.In this case, the payment was due once homeowners under the ICCC.Of course, equating a latethe job was done! fee to an extension of credit could cause disastrous resultsIfthetrialcourtsdecisionisupheld,typicalroofing for roofing contractors in Iowa and possibly elsewhere.contractors contracts with homeowners throughout Iowa The trial court got it wrong: the homeowner did not havecould unknowingly violate the ICCC.MRCA has urged the the right to pay laterthe homeowner was in breach forIowa Supreme Court to overturn the trial court in this case.failing to pay when due!Generally, state and federal consumer credit statutesFor those interested in reading a full copy of the brief do not apply to typical roofing contractor contracts thator for any questions or comments on this issue, please have set payment schedules with final or full payment duecontact Lucas Strakowski at Auman, Mahan & Furry, las@upon completion of the job.Importantly, an erroneousamfdayton.com.interpretation of these statutes can make typical contractual remedies unlawful, like legal fees, court costs, late payment fees, and interest on overdue payments.A contractor that www.mrca.orgMidwest Roofer 15'