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I own a condominium in South Carolina. % months ago my

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I own a condominium in...
I own a condominium in South Carolina. % months ago my tenant 'violated a rule" and the HOA fined them $100 of which they haven't paid. The HOA has been adding a $25.00 "finance charge: every month. Doesn't this violate South Carolina Usury Laws?
Submitted: 2 years ago.Category: Real Estate Law
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Customer reply replied 2 years ago
5 months ago
Answered in 7 hours by:
11/28/2015
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 years ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 121,093
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Unfortunately, usury applies to interest on personal loans, not on fines and penalties for an HOA. They can charge whatever the bylaws state would be the penalty for not paying a fine in time. At this point, your tenant is in breach of your lease as well, since they have violated the HOA rules and are now not paying the fine. You need to inform your tenant that they need to pay or you will evict them if they fail to pay in 30 days for breach of lease and you will pursue them for the fine and penalties for non-payment from their security deposit (this is because if they leave without paying, as unit owner you would be liable to pay).
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