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2019 Maryland Code
Corporations and Associations
Title 5 - Special Types of Corporations
Subtitle 6B - Maryland Cooperative Housing Corporation Act
§ 5-6B-29. Late charges.
Universal Citation: MD Corp & Assn Code § 5-6B-29 (2019)
(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.
(b) A late charge may not be imposed more than once for the same delinquent assessment or installment.
(c) A late charge may only be imposed if the delinquency has continued for a period of 10 days or more.
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