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2013 SESSION

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HB 1595 Condominium and Property Owners' Association Acts; imposition of late fees for assessments, etc.

Introduced by: Vivian E. Watts | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Condominium and Property Owners' Association Acts; assessments; imposition of late fees. Provides that, except to the extent that the governing documents or rules and regulations promulgated pursuant thereto provide otherwise, (i) condominium and property owners' associations may impose a late fee for any assessment or installment thereof that is not paid within 60 days of the due date for payment of such assessment and (ii) such late fee shall not exceed the penalty provided in § 58.1-3915 (five percent).

SUMMARY AS INTRODUCED:

Condominium and Property Owners' Association Acts; assessments; imposition of late fees. Authorizes condominium and property owners' associations to impose a late fee for any assessment or installment thereof that is not paid within 60 days of the due date for payment of such assessment. No such late fee shall exceed the penalty provided in § 58.1-3915 (five percent).