Minnesota HF3808 limits late fee charges, requires associations to adopt policies on fines and collection, and mandates disclosures for common.

Minnesota HF3808 amends statutes related to common interest communities by limiting late fee charges, requiring associations to adopt policies on fines and collection, and mandating disclosures. The bill specifies that late fees cannot exceed 15% of the assessment amount unless otherwise provided in the declaration. It also mandates that associations adopt a collection policy detailing three notifications to unit owners before referring accounts to law firms or collection agencies.

Minnesota HF3808 limits late fee charges, requires associations to adopt policies on fines and collection, and mandates disclosures for common.

Minnesota HF3808 amends statutes related to common interest communities by limiting late fee charges, requiring associations to adopt policies on fines and collection, and mandating disclosures. The bill specifies that late fees cannot exceed 15% of the assessment amount unless otherwise provided in the declaration. It also mandates that associations adopt a collection policy detailing three notifications to unit owners before referring accounts to law firms or collection agencies.