Question:
I paid my HOA annual assessment of $100 15 days late. Our HOA By-laws state a “reasonable” late fee can be charge. State law sets maximum late fee at 20% of balance per month. For a HOA by-law that says “reasonable” late fee, is the late fee maximum 20% or is HOA exempt from a state or city law for late fees? Illinois
– Richard
Answer:
Hi Richard,
Currently, the state of Illinois doesn’t specify a maximum percentage or amount for collecting late fees. What is reasonable is generally under the board’s discretion. For further guidance, kindly consult a lawyer.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
