My Home Owner's Association is charging excessive interest (18%/annual) on delinquent assessments. The Property Owners and Condomenium Owners Association Acts both refer to "Legal Rate" of interest in this situation. The Statute on Legal Rate of interest (6.1-330.53) is 6%, with some exceptions. After looking up the exceptions, I don't see anything that would qualify HOA's for higher rates. Even if they can somehow argue qualification for Contract Rate (6.1-330.55), that's still only 12%. All other exceptions fall under Industrial Banking Statutes.
How to I get this corrected and bring enough attention to the resolution so that all other Virginia HOA members can benefit from an unambiguous decision. I'm contemplating a Class Action suit (there are nearly 6000 members of my HOA), but I haven't got a clue how to get started or where to find a law firm that specializes in this sort of thing...
How to I get this corrected and bring enough attention to the resolution so that all other Virginia HOA members can benefit from an unambiguous decision. I'm contemplating a Class Action suit (there are nearly 6000 members of my HOA), but I haven't got a clue how to get started or where to find a law firm that specializes in this sort of thing...