Can we charge penalties for late payment of levies?

Following the discussion in this other post, I’m a bit worried our OC might be outside of requirements. A few years ago we voted to charge interest on overdue levies. I need to check but think this is legit.

The strata manager though now adds late notice penalty of $70 on top of the interest everytime a reminder is sent. There are some grumblings that this add-on is getting excessive.