§ 5-6B-29
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/md/corporations-and-associations/5-6b-29·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§5–6B–29.
(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.