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Can the Board of Directors charge a late fee or interest on assessment fees?

April 26, 2017assessment charge Directors fee fees late

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Can the Board of Directors charge a late fee or interest on assessment fees?

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Assessments and installments on them that are not paid when due, bear interest at the rate provided in the association documents, from the due date until paid. The Heather Walk Condominium Inc. documents provide for an interest rate of 10% per year & a late fee of $25.00.