ReneeD (Illinois)
Posts: 201
Posts: 201
Posted:
We are an Illinois HOA.
Several homeowners have told me that our MC tacks on a late fee and not interest if payments are not received by the 10th. This is contrary to what our Declarations state which is "...that any charge which is delinquent for 10 days or more shall bear interest from the due date to the date when it is paid." It also goes on to say that "...the BOD may add a reasonable late fee to any installment of an assessment which is not paid within ten (10) days of its due date.
Our fees are due on the 1st of each month and, based on what I've now read and been told, I don't believe that our MC's collection efforts are being done in accordance with our Declarations. Am I correct? How do you interpret this? Thanks. -ReneeD
Several homeowners have told me that our MC tacks on a late fee and not interest if payments are not received by the 10th. This is contrary to what our Declarations state which is "...that any charge which is delinquent for 10 days or more shall bear interest from the due date to the date when it is paid." It also goes on to say that "...the BOD may add a reasonable late fee to any installment of an assessment which is not paid within ten (10) days of its due date.
Our fees are due on the 1st of each month and, based on what I've now read and been told, I don't believe that our MC's collection efforts are being done in accordance with our Declarations. Am I correct? How do you interpret this? Thanks. -ReneeD