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Can associations charge interest to late paying owners?


Question:

Maryland condo with delinquent owners. Our by-laws state that late fees can be assessed, however, no interest rate is specified. Consequently, we have used the default rate for the state, which is 6 percent. Is this the correct way to handle these situations or should we be doing something to establish a higher penalty to give owners more incentive to pay?


Answers (14)

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