Connected
To The Community

Group Of Attorney
  1. Home
  2.  → 
  3. Condominiums & Cooperatives
  4.  → QUESTION/ANSWER BY: JOHN H. GETTINGER, ESQ.

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

| Jul 18, 2016 | Condominiums & Cooperatives

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.