Minnesota SF4035 limits late fees for common interest communities, mandates collection policies, and requires specific disclosures.

Minnesota SF4035 amends laws regarding common interest communities. It limits late fees to 15% of the installment amount unless otherwise specified in the declaration. The bill requires associations to adopt a collection policy, including sending three notifications before referring accounts to a law firm or collection agency. It mandates that associations provide a resale disclosure certificate to unit owners and prospective purchasers, detailing financial information, insurance coverage, and any liens or lawsuits.

Minnesota SF4035 limits late fees for common interest communities, mandates collection policies, and requires specific disclosures.

Minnesota SF4035 amends laws regarding common interest communities. It limits late fees to 15% of the installment amount unless otherwise specified in the declaration. The bill requires associations to adopt a collection policy, including sending three notifications before referring accounts to a law firm or collection agency. It mandates that associations provide a resale disclosure certificate to unit owners and prospective purchasers, detailing financial information, insurance coverage, and any liens or lawsuits.