Tick, Tock – Tick, Tock…the clock is ticking for your association to update its collection policy. If your policy is not updated to comply with HB 13-1276 by January 1, 2014, your association may not be able to pursue delinquent owners.
As we’ve written
before, HB 13-1276 becomes effective on January 1, 2014, and all associations must have a revised collection policy in place. Your collection policy must contain the following:
- when assessments are due;
- when the assessments are deemed delinquent;
- how much the Association may charge in late fees, interest and bounced check fees; and
- the circumstances in which the owner may enter into a payment plan of at least 6 months, which payment plan requires that owners stay current in regular occurring assessments;
- that before an account is turned over for collection the association will send the owner a notice specifying those things set out below.
- how payments are applied on delinquent accounts; and
- the remedies available to the association to collect.
If you need assistance in revising your policy, please contact us
as soon as possible. And once you have updated your policy, please provide us with a copy so we can update your files and easily move forward with collections after January 1, 2014.