Florida Statutes

 

Interest Charges on Past Due Assessments
2016 Florida Statutes

Condominium Associations
718.116 Assessments; liability; lien and priority; interest; collection–

(3) Assessments and installments on assessments which are not paid when due bear interest at the rate provided in the declaration, from the due date until paid. The rate may not exceed the rate allowed by law, and, if no rate is provided in the declaration, interest accrues at the rate of 18 percent per year.

For the complete chapter regarding condominiums click the link:
<F.S. Chapter 718>

Homeowners’ Associations
720.3085 Payment for assessments; lien claims.-

(3) Assessments and installments on assessments that are not paid when due bear interest from the due date until paid at the rate provided in the declaration of covenants or the bylaws of the association, which rate may not exceed the rate allowed by law. If no rate is provided in the declaration or bylaws, interest accrues at the rate of 18 percent per year.

For the complete chapter regarding homeowners’ associations click the link:
<F.S. Chapter 720>

inn_img

Note:

Reading only the bolded text of the Statutes eliminates the unnecessary wording when determining the applicability of charging interest.