NY Real Property Law, Business Corporation Law, Not-for-Profit Corporation Law
Complete compliance reference for New York HOA and condo boards. Below you'll find late fee limits, violation notice procedures, reserve study requirements, collection rules, and meeting mandates — all based on current state statutes.
14
Day Cure Period
15
Day Grace Period
5
Day Board Meeting Notice
Yes
Hearing Required
Late fees generally capped at greater of $50 or 5% of monthly assessment. Interest limited per NY usury laws (16% civil, 25% criminal).
Must follow procedures in bylaws. Written notice and opportunity to be heard required. No specific statutory fine cap — governed by governing documents.
No mandatory reserve study. Board has fiduciary duty. Budget disclosure required for condos under Real Property Law.
HOA/condo lien for unpaid assessments. Judicial foreclosure typically required in NY.
Meeting requirements per bylaws and Not-for-Profit Corporation Law.
Legal Disclaimer
This information is for general guidance only and does not constitute legal advice. HOA laws change frequently. Always consult a licensed attorney in New York for specific legal questions regarding your community.
Parkie's compliance engine automatically monitors your New York community against state regulations — flagging late fee violations, notice deadlines, and reserve requirements before they become problems.