Money
Late fee
A late fee is a penalty charged when an assessment is not paid by the date in your collection policy. Governing documents or state law may cap the amount or require notice before charging. Late fees encourage timely payment but should not be a hidden profit center.
These definitions are for general education only. They are not legal, financial, or tax advice. HOA rules vary by community and location—confirm details against your governing documents and qualified professionals before you act.
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