I live in a subdivision that is managed by a Homeowners' Association (non-profit corporation) that is managed by member volunteers that serve on the board of directors. There are members that are delinquent in their annual assessments--some back to 2001--. The Covenants, Conditions and Restrictions state that the HOA can charge a 10% penalty plus the maximum interest rate allowed by the State of Florida on delinquent dues/assessments. I've read Florida Statues, Chapter 687-INTEREST AND USURY; LENDING PRACTICES, and Chapter 720-HOMEOWNERS' ASSOCIATIONS and believe the rate is 18% but I'm not sure.
Also, I authored a question at myflorida.com but the response was essentially a list of Florida Statues. In addition, I contacted my local County Clerk-Small Claims but was again unsuccessful.
So, is there anyone here that can tell me the maximum rate of interest that a Homeowners' Association (non-profit corporation) in the State of Florida can charge a homeowner for delinquent annual assesments(dues).
Thanks for any assistance provided.