by Gordon on January 6th, 2008

Gordon

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Our HOA By-laws state that if a lot owner does not pay their dues within 30 days of due date, the owner "shall bear interest from the due date at the highest rate allowable by law per annum." How do I find out what that interest rate is?

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  • by Mike Morgan on August 1st, 2008

    Mike Morgan

    The best thing to do is contact your association attorney to find out how much interest the association can charge. This also make sure that no state law is being violated when charging late fees. It is better to get a legal opinion as to how to implement your late fee policy as this will set a precedent. The Lawyer has a license to practice law and the language does say highest rate allowable by law.........

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