Reynoldsburg, OH asked in Consumer Law, Contracts and Real Estate Law for Ohio

Q: in Ohio, are HOA's allowed to charge finance charges? they are not a lender or creditor and yet i was charged $3.12

i was late one month and was charged a late fee of $25 which i understand is ok, but also a finance charge. there are no terms and conditions stating this charge and they are not a lender that i am borrowing money from. is this allowed and if so, why?

1 Lawyer Answer
Joseph Jaap
Joseph Jaap
  • Cincinnati, OH
  • Licensed in Ohio

A: If the full amount owed to the HOA, including finance charges, is not paid, then the HOA can record a lien and foreclose it if not paid. The judge would decide if the finance charge is allowable based on the HOA declaration and any actions taken by the HOA board of directors to implement finance charges.

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