Maximum interest rate for late dues in Florida

For delinquent assessments, our bylaws allow for charging interest at the maximum rate allowed by the laws of the State of Florida. Does anyone know where I can find the current rate? Or, do you know the current rate?
Thanks!

From 720.3085(3):

(3) Assessments and installments on assessments that are not paid when due bear interest from the due date until paid at the rate provided in the declaration of covenants or the bylaws of the association, which rate may not exceed the rate allowed by law. If no rate is provided in the declaration or bylaws, interest accrues at the rate of 18 percent per year.

Word of caution of what that statute means. It means your By-laws/CC&R's should already contain this information on the rate the HOA can charge in interest on late fees. Ours has whatever the prime rate is plus 5%. The prime rate changes often. (FYI: Credit card companies use the prime rate to base their rates they charge their customers as well).

IF this information is not in your documentation, THEN the 18% interest can apply. The interest on the late fees typically applies when the HOA files court action such as a lien or a foreclosure. It tends not to be a monthly add on for occassional lateness. It's a useful tool for long term punishment for non-payment.

We had a policy that if you were late on payments for 6 months, we would lien the property. It was at that point we would add on the interest, legal fees to file, and dues/late fees owed. We would add the interest on if we took the home to the foreclosure stage after a year or more of non-payment. (Depending on the situation). Otherwise, we skipped the interest charges on late dues/fees so to encourage the owner to pay the dues owed and on time.

The interest and late dues are a punishment and a useful tool for the HOA to have. However, make sure you apply it in the correct responsible way. Otherwise, it's not going to be a very pretty legal picture....