Question:
Can Interest on outstanding balance each month de applied ( late fee balance, lawyer fees and fines)?
Does it have to be put into the by laws and voted by unit owners or just board approval and added to the rules and regulations ?
– Michael
Answer:
Hi Michael,
If your association is incorporated as a nonprofit, the New York Non-For-Profit Corporation Law Section 507(a) states that if it is authorized by the bylaws or articles of incorporation, the association may impose fines and penalties. It also states they must be reasonable. For further guidance, kindly consult a lawyer.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
