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Subject: Adding Late fees to By-laws

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WardellD
(Washington)

Posts:64

02/01/2006 12:41 PM
I am interested in changing our by-laws to charging homeowners a one time late fee in the amount of $50.00 and a 1% interest on the balance each additional month till paid in full. If someone has that already written in their by-laws my I have a copy of that excerpt to modify our by-laws to allow us to do the same without reinventing the wheel. And do you think this would be reasonable? Thanks

ToriaM
(North Carolina)

Posts:3

02/22/2006 10:31 AM
Wardell, Adding a late fee to the by-laws is reasonable. However, you should first check with your local government to determine if there is a limit to the amount the fee and/or fine should be. Here in NC, a law was passed in Dec05 that HOA's could charge up to $20 or 10%, whichever is greater as a late fee and a max of $100 on fines.

BeckyV
(Michigan)

Posts:43

02/22/2006 11:04 AM
Be sure you amend the bylaws in the way required by your governing documents. You can't just change the bylaws because you want to. You most likely need at least a majority of owners to agree to a bylaw change. It is probably possible, again if your documents allow it, to add the fee as an administrative fee or as a cost of doing business without a bylaw change.

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Forums > Homeowner Association > HOA Discussions > Adding Late fees to By-laws

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