Condominiums: limitations on late fees?

[mrouffa]

What is the name of your state? Illinois

Our condo board chargesg a late fee for each month that an assessment debt exceeds $100. I was told by another board president that it is illegal to do so. Is that true?

 

[HomeGuru]

What is the name of your state? Illinois

Our condo board chargesg a late fee for each month that an assessment debt exceeds $100. I was told by another board president that it is illegal to do so. Is that true?

**A: how come your HOA does not have an attorney? A HOA neesda an attorney, otherwise the Board members could be liable to the HOA for practicing law without a license.