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Is condo association allowed to charge 15% late fee?

| Fees, Foreclosures, Delinquencies & Collections |  


Question:

Is a condo board in New York City allowed to charge interest rates of 15% compounded annually on late fees just because 15% is written in the HOA rules and regulations? I believe under a certain law 25% is definitely illegal but I'm not sure about 15%. Is it recommended to pay the late fees upfront and dispute it later? Would appreciate any feedback.


Answers (6)

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