JeffT (Maryland)
Posts: 83
Posts: 83
Posted:
Question:
Does anybody think that the our HOA has the right to place a fine on a per month basis IE. $50 per month until violation is remediated, or should the fine just be $50 then accumulate late charges and interest?
The board has the power to implement fines:
" Adopt and publish rules and regulations governing the use of the common areas, I
recreational facilities and the Lots and the personal conduct of the members and their family members and guests thereon, and to establish reasonable penalties for the infraction of said rules and regulations, the Declaration and these By-Laws, including the imposition of monetary lines which, once imposed. shall become a continuing lien upon the Lot and shall be collectible in the same manner as an assessment."
Here is what is says about collection and late fees:
"As more fully provided in the Declaration, each member is obligated to pay to the Association annual and special assessments which are secured by a continuing lien upon the property against which the assessment is made. Any assessments which are not paid when due shall be delinquent. If the assessment is not paid within thirty (30) days after the due date, the assessment shall bear interest irom the date of delinquency at the highest rate allowed by law. lf no maximum rate is established by law, said interest shall be computed at eighteen percent ‘• (18%) per annum. The Association may bring an action at law against the record owner personally obligated to pay assessments or may foreclose the lien against the property, and all interest, costs and reasonable attorney’s fees incurred in any such suit or foreclosure action shall be added to the amount of such assessment. Any delinquency which has continued for at least fifteen (15) days shall also be charged a late fee of titteen dollars ($15,00) or one tenth (1/10) of the total amount of any delinquent assessment or installment, whichever is greater, or such greater amounts as may be provided for by the Maryland Homeowners Association Act (the "Act"). A late fee shall only be imposed once for the same delinquent payment. Upon default in the payment of one or more assessment installments, the entire balance ofthe annual assessment may be accelerated and declared due and payable in full by the mailing of notice to such effect to the defaulting Lot owner by the Board or the Managing Agent in accordance with the Act. No record owner may waive or otherwise escape liability for the assessments provided for herein by non•use of the common areas or abandonment of his Lot."
Does anybody think that the our HOA has the right to place a fine on a per month basis IE. $50 per month until violation is remediated, or should the fine just be $50 then accumulate late charges and interest?
The board has the power to implement fines:
" Adopt and publish rules and regulations governing the use of the common areas, I
recreational facilities and the Lots and the personal conduct of the members and their family members and guests thereon, and to establish reasonable penalties for the infraction of said rules and regulations, the Declaration and these By-Laws, including the imposition of monetary lines which, once imposed. shall become a continuing lien upon the Lot and shall be collectible in the same manner as an assessment."
Here is what is says about collection and late fees:
"As more fully provided in the Declaration, each member is obligated to pay to the Association annual and special assessments which are secured by a continuing lien upon the property against which the assessment is made. Any assessments which are not paid when due shall be delinquent. If the assessment is not paid within thirty (30) days after the due date, the assessment shall bear interest irom the date of delinquency at the highest rate allowed by law. lf no maximum rate is established by law, said interest shall be computed at eighteen percent ‘• (18%) per annum. The Association may bring an action at law against the record owner personally obligated to pay assessments or may foreclose the lien against the property, and all interest, costs and reasonable attorney’s fees incurred in any such suit or foreclosure action shall be added to the amount of such assessment. Any delinquency which has continued for at least fifteen (15) days shall also be charged a late fee of titteen dollars ($15,00) or one tenth (1/10) of the total amount of any delinquent assessment or installment, whichever is greater, or such greater amounts as may be provided for by the Maryland Homeowners Association Act (the "Act"). A late fee shall only be imposed once for the same delinquent payment. Upon default in the payment of one or more assessment installments, the entire balance ofthe annual assessment may be accelerated and declared due and payable in full by the mailing of notice to such effect to the defaulting Lot owner by the Board or the Managing Agent in accordance with the Act. No record owner may waive or otherwise escape liability for the assessments provided for herein by non•use of the common areas or abandonment of his Lot."