Understanding Documentation Fees
PEAC Solutions does not charge an application fee. We may charge a documentation fee to compensate us for processing the documents and to reimburse us for the fees incurred with filing UCC-1 financing statements. When applicable by law, taxes may be applied to this fee.
A Uniform Commercial Code-1 (UCC-1) financing statement is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor. (A “debtor” is a person who owes a debt to the creditor as typically specified in the agreement creating the debt.)