Can an artist co-op association charge its members a late fee for paying their monthly fees late? Posted on May 18, 2011

1. Can an artist co-op association charge its members a late fee for paying their monthly fees late? I was told that only financial institutions are able to charge late fee, penalties, etc. on open credit extended. 2. How many days is considered late? 3. If a co-op does charge late fees, is there a legal rate that they can charge.

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