A formal policy regarding dues collection was originally adopted by the Villas Board of Directors on February 22, 2007. The following revisions, approved by the Board on June 21, 2016, are now made to further clarify the policy.
DUES DATES
Pursuant to paragraphs 18 and 19 of the Declaration of Restrictive Covenants, all dues are payable on the 1st day of each calendar month. Homeowners are allowed a grace period of up to and including the 10th day of the month to make the payment. If, by the 11th day of the month payment has not been received by the Association’s banking institution, the dues are considered delinquent and a Late Fee and Service Charge shall be assessed.
Late Fee – a Late Fee of 1.5% interest (18% APR) shall be assessed monthly to any unpaid balance.
Service Charge – a $10 Service Charge shall be assessed monthly to any unpaid balance for the additional bookkeeping and correspondence necessary to collect the unpaid balance.
PROCEDURES ON COLLECTION OF LATE DUES
Should the payment not be received at all, be received in an inadequate amount, or be received between the 11th and the 30th day of the month, the Manager shall, on the 30th day, send the homeowner a written notice stating the amount owed. The notice shall specify the monthly dues, the Late Fee and the Service Charge owed.
Should the payment not be received by the 60th day, the Manager shall, on the 60th day, send the homeowner a second written notice specifying the monthly dues, the additional Late Fee and the additional Service Charge owed. This second written notice shall state that if the delinquent payment is not paid in full within another 45 days, a lien shall be placed on the property without further notice to the homeowner.
At 105 days, the delinquent payment shall be considered for legal collection without notice to the homeowner.
ACCOUNT BALANCE
Should a homeowner fail to make the monthly payment or make an inadequate payment by the 10th of the month, a Late Fee and Service charge shall be added to the delinquent balance. If not paid in full by the next payment due date, the homeowner is subject to an additional Late Fee and Service Charge. A payment received from the homeowner is credited first to the Late Fee and Service Charge, then to the monthly dues. For instance, a homeowner’s monthly dues payment is not received by September 10th, but arrives at the Association’s banking institution on September 21st. On September 30th, the Manager shall notify the homeowner in writing of the delinquent dues, the Late Fee and the Service Charge owed. On October 2nd, the homeowner’s regular monthly dues payment is received, however, the homeowner fails to include in the payment the Late Fee and Service Charge from September. The Late Fee and Service Charge are applied first to the account, leaving an inadequate amount to cover the October monthly dues. Unless the homeowner sends another payment to cover the remaining balance, and that payment is received by the Association’s banking institution by October 10th, the October dues are considered delinquent and an additional Late Fee and Service Charge are added. When the delinquency reaches 60 days, the Association shall take the action described for 60 delinquent days in the “Procedures on Collection of Late Dues” stated above.
POLICY EFFECTIVE DATE
This revision to the February 22, 2007, Dues Payment Policy shall take effect on June 21, 2016. Any and all previous versions of this policy are considered null and void.
Questions regarding a homeowner’s account should be directed to the Villas HOA Manager.