Tool · Minnesota
Minnesota: national best-practice guidance
Late-fee ceilings, maximum interest rates, and the order in which a payment is applied vary widely by state — some cap the fee at a flat dollar amount or a percentage, others defer entirely to the governing documents. Florida's caps are built in full here. Check your state's assessment-collection statute and your bylaws before charging a late fee.
Florida basis: F.S. § 718.116 / § 720.3085
We build each state in full as we author its statutory rules — Florida is done, and Minnesota is on the way. Until then, use the Florida reference and confirm the specifics for Minnesota with your governing documents and state statute. This is educational and not legal advice.