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§ 5-6B-29. Late charges imposed for delinquent assessments or installments

West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2014

West's Annotated Code of Maryland
Corporations and Associations
Title 5. Special Types of Corporations (Refs & Annos)
Subtitle 6b. Maryland Cooperative Housing Corporation Act (Refs & Annos)
Effective: October 1, 2014
MD Code, Corporations and Associations, § 5-6B-29
§ 5-6B-29. Late charges imposed for delinquent assessments or installments
In general
(a) Subject to the requirements of this section, a proprietary lease or the bylaws of a cooperative housing corporation may provide for a late charge of no more than $15 or one-tenth of the total amount of any delinquent assessment or installment owed by a member, whichever is greater.
One late charge per delinquent assessment or installment
(b) A late charge may not be imposed more than once for the same delinquent assessment or installment.
Delinquency continued for specific time period
(c) A late charge may only be imposed if the delinquency has continued for a period of 10 days or more.

Credits

Added by Acts 2014, c. 567, § 2, eff. Oct. 1, 2014.
MD Code, Corporations and Associations, § 5-6B-29, MD CORP & ASSNS § 5-6B-29
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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