§514A-15.1 - Common expenses; prior late charges.
[§514A-15.1] Common expenses; prior late charges. No association of apartment owners shall deduct and apply portions of common expense payments received from an apartment owner to unpaid late fees (other than amounts remitted by an apartment owner in payment of late fees) unless it delivers or mails a written notice to such apartment owner, at least seven days prior to the first such deduction, which states that:
(1) Failure to pay late fees will result in the deduction of late fees from future common expense payments, so long as a delinquency continues to exist.
(2) Late fees shall be imposed against any future common expense payment which is less than the full amount owed due to the deduction of unpaid late fees from such payment. [L 1988, c 225, §4]
Revision Note
Paragraphs (1) and (2) redesignated.