Legal Question in Credit and Debt Law in Florida
Timeshare Assessment Collection Fee
I own a timeshare at Orange Lake in Kissemmee, FL and want to know what the allowable fees for late payment on assessments. I received my bill late & was charged a $25. admin fee which I see is allowed by code 721.13 but what is the interest may bear interest at the highest rate permitted by law or at some lesser rate established by the managing entity. In addition to such interest, the managing entity may charge an administrative late fee in an amount not to exceed $25 for each delinquent assessment. Any costs of collection, including reasonable collection agency fees and reasonable attorney's fees, incurred in the collection of a delinquent assessment shall be paid by the purchaser and shall be secured by a lien in favor of the managing entity upon the timeshare interest with respect to which the delinquent assessment has been incurred; however, in the event that a managing entity turns the matter over to a collection agency, the managing entity must advise the purchaser at least 60 days prior to turning the matter over to the collection agency that the purchaser may be liable for the fees of the collection agency and that a lien may result therefrom. I was also charged a $50.00 collection fee & this was not thru an agency
1 Answer from Attorneys
Re: Timeshare Assessment Collection Fee
I am not a Florida lawyer conversant in Florida timeshare law and, therefore, will not venture a substantive response to this question.
However, it's worth noting, I believe, that the details of this question are further illustration as to why folks should eschew timeshare investments at all costs if one has any desire at all to avoid predatory assessments and practices.
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