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QUESTION/ANSWER BY: JOHN H. GETTINGER, ESQ.

Question:

Do statutes prohibit charging late fees and/or interest on unpaid fines in a homeowners association or condo?

Answer:

No - there are no statutes in the State of New York which prohibit a board from charging homeowners late fees and/or interest on unpaid fines in a homeowners association or condominium. However, in order to do so, there must be specific provisions in the by-laws which authorize the board (i) to levy fines against homeowners whose conduct is in violation of the by-laws and rules and regulations, and (ii) to charge late fees and/or interest on unpaid assessments and other sums due from the homeowners. It is not sufficient if such authorization is contained in the rules and regulations adopted by the board.

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