In 2011 the Louisiana legislature passed a new law that sets parameters for condominium late fees. Under the new law, late fees cannot be charged within ten days of the due date and cannot exceed thirty percent of the monthly assessment. As with the new law requiring condo associations to carry fidelity insurance discussed in a prior blog, this new law on condo late fees also requires that notices must now be given to unit owners and specific information must be included in the notices.
- Determine if the delinquency period for your Association is less than 10 days.
- Determine if the late fee charged by your Association is 30% of the monthly assessment or greater.
- Give the proper notification to your unit owners. See the post to this blog on the notice requirements.
Be sure to visit our website, to learn more about our areas of practice and services and to sign up for our firm newsletter.