Arizona SB1500 amends laws on condominiums and planned communities, setting limits on assessment increases and late payment charges.

Arizona SB1500 modifies the rules for condominium and planned community associations, particularly around financial assessments and penalties. It limits the increase of regular assessments to no more than three percent over the previous fiscal year without the approval of at least 67% of the members. The bill also restricts late payment charges to the greater of $15 or 10% of the unpaid assessment, only after the association has notified the member that the assessment is overdue.

Arizona SB1500 amends laws on condominiums and planned communities, setting limits on assessment increases and late payment charges.

Arizona SB1500 modifies the rules for condominium and planned community associations, particularly around financial assessments and penalties. It limits the increase of regular assessments to no more than three percent over the previous fiscal year without the approval of at least 67% of the members. The bill also restricts late payment charges to the greater of $15 or 10% of the unpaid assessment, only after the association has notified the member that the assessment is overdue.