SB3527 amends the Common Interest Community Association Act and the Condominium Property Act to require associations to adopt policies for collecting.
SB3527 amends the Common Interest Community Association Act and the Condominium Property Act to mandate that associations adopt written policies for collecting unpaid assessments. These policies must specify the date by which common expenses must be paid, late fees, returned-check charges, circumstances for payment plans, the time before referring a delinquent account to an attorney, payment application methods, and available legal remedies. The bill also requires associations to provide members with detailed summaries of receipts, expenses, and reserves.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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