Is there a limit on how much an association can charge in interest on past due amounts?

A unit owner is behind on their maintenance fees. Is there a limit to how much interest can be charged on the past due amounts?

Section 514B-144(b), HRS, states: “Any past due common expense assessment or installment thereof shall bear interest at the rate established by the association, provided that the rate shall not exceed eighteen per cent per year.”

 

4/15/25