Q: what is the allowable interest that my michigan condo association charge on late once a year payment hoa fee?
A:
Assuming they are dealing with an INDIVIDUAL, the standard usury law would apply.
What do the condo association documents say? Is that compliant with usury rules? Has anyone raised the issue with the condo board?
Condos are a rather strange animal especially when so many people suggest that smaller government is better, it never ceases to amaze me that they say this, and then voluntarily buy a house that has an additional layer of government without the protections built into all the 'official' layers.
In short, they can charge whatever interest they want so long as it doesn't run afoul of state usury laws and if you don't like that, you should not buy in a condo area!
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