Bill > SB3527

This bill mandates that common interest community associations and condominium associations must adopt written policies and procedures for collecting unpaid assessments, also known as common expenses. Before an association, or any entity or individual holding the association's debt, can take legal action to collect these unpaid expenses, such a policy must be in place and followed. This policy must clearly outline when assessments are due and considered delinquent, specify any late fees, interest, or returned-check charges, detail the conditions and terms for payment plans, state how long an account remains delinquent before legal action is pursued, explain how payments are applied to delinquent accounts, and describe the legal remedies available for collecting overdue amounts. The bill also requires that a copy of this collection policy be made available to prospective buyers during the resale of a unit.