(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.
Structure Maryland Statutes
Title 5 - Special Types of Corporations
Subtitle 6B - Maryland Cooperative Housing Corporation Act
Section 5-6B-02 - Contract for Initial Sale of Cooperative Interest; Public Offering Statements
Section 5-6B-05 - Notice of Conversion to Tenants
Section 5-6B-06 - Option to Purchase
Section 5-6B-07 - Lease Extension for Designated Households
Section 5-6B-08 - Right of Local Governments to First Right of Purchase
Section 5-6B-09 - Authority of Local Governments to Require First Right of Purchase at Same Terms
Section 5-6B-11 - Deposits Made on Sale of Cooperative Interests Held in Escrow
Section 5-6B-12 - Consumer Protection Standards and Enforcement
Section 5-6B-13 - Cooperative Interests Not Security or Investment Security
Section 5-6B-14 - Restraints of Trade
Section 5-6B-15 - Applicability of General Corporation Law
Section 5-6B-16 - Cooperative Interest Deemed Personal Property
Section 5-6B-17 - Perfection of Security Interests and Cooperative Interests
Section 5-6B-18 - Assignment of Votes
Section 5-6B-19 - Meetings of Cooperative Housing Corporation, Governing Body, or Committee
Section 5-6B-20 - Distribution of Written Information
Section 5-6B-21 - Location of Meetings
Section 5-6B-22 - No-Impact Home-Based Businesses
Section 5-6B-23 - Election Related Candidate Signs or Signs Advertising Questions or Propositions
Section 5-6B-24 - Electronic Transmission of Notice
Section 5-6B-25 - Electronic Transmission of Votes or Proxies
Section 5-6B-26 - Examination and Copying of Books and Records of Cooperative Housing Corporations
Section 5-6B-26.1 - Reserve Study of Cooperative Housing Corporation -- Criteria
Section 5-6B-27 - Fidelity Insurance
Section 5-6B-28 - Books and Records
Section 5-6B-29 - Late Charges
Section 5-6B-30 - Dispute Settlements
Section 5-6B-31 - Eviction of Member