§ 51-07-14 — Maximum amount of service charge which wholesalers and manufacturers may charge on overdue accounts

may charge on overdue accounts.
Wholesalers and manufacturers, when selling to retailers or other persons, may charge a
service charge of up to one and one-half percent per month on the remaining balance of all
overdue accounts, provided the parties have entered into a written agreement prior to the
transaction setting forth the amount of service charge, computed on the basis of simple interest
per annum. The wholesaler or manufacturer shall inform the purchaser in writing at the time of
the purchase of the service charge which will be charged if the account becomes overdue. The
service charge allowed in this section is allowed on any such purchase on or after July 1, 1971.