TWIN LAKES OF BRANDON HOMEOWNER’S ASSOCIATION, INC.
UNIFORM COLLECTION POLICY
WHEREAS the Board of Directors of the Association is charged with the responsibility of collecting assessments for common expenses from homeowners pursuant to the Governing Documents; and
WHEREAS from time to time homeowners become delinquent in their payments of these assessments and fail to respond to the demands from the Board to bring their accounts current; and
WHEREAS the Board deems it to be in the best interests of the Association to adopt a uniform and systematic procedure for dealing with delinquent accounts in a timely manner, and further believes it to be in the best interests of the Association to refer these accounts promptly to an attorney for collection so as to minimize the Association's loss of assessment revenue; and
WHEREAS the Board has retained the Association's attorneys for their experience in representing homeowners associations in collection matters; and
WHEREAS the Board has directed the Association's attorneys to represent the Association on the terms outlined in this resolution; NOW, THEREFORE,
BE IT RESOLVED that the Association's attorneys shall pursue all collection and other matters which the Board, acting through the Managing Agent, may from time to time refer to them and to provide any advice and counsel which the Board may from time to time require; and
BE IT FURTHER RESOLVED that pursuant to the Governing Documents any assessment account which is not paid in full as of Thirty (30) days after the due date set by the Board from time to time shall bear interest at the maximum rate allowed by law, currently Eighteen (18%) Percent per annum; and
BE IT FURTHER RESOLVED that the Managing Agent is directed to send to any homeowner who is more than fifteen (15) days delinquent in the payment of regular or special assessments, or other charges authorized by the Association's governing documents or state statutes (hereinafter referred to as "Assessments"), a written notice of the delinquent balance and a request for immediate payment; and
BE IT FURTHER RESOLVED that the Managing Agent is directed to have the Association’s attorney take formal legal proceedings against the owner, by first sending the statutorily required forty-five
(45) day notice, which shall include legal fees and an additional collection cost of $50 (Fifty Dollars) to offset the costs of the Managing Agent working with counsel to collect said delinquent assessment; and
BE IT FURTHER RESOLVED that the Attorney is directed to send to any homeowner who remains delinquent, a claim of lien shall be filed, together with a written notice, that if the account is not paid in full within forty-five (45) days the Attorney shall thereafter be authorized to bring an action to foreclose the Association’s lien or recover damages, and the homeowner will be liable for payment of all charges imposed by the Association's attorney and Managing Agent to cover fees and costs charged to the Association; and
BE IT FURTHER RESOLVED that, as required by law, any payment received by the Association and accepted shall be applied first to any interest accrued, then to any actual costs and reasonable attorney’s fees incurred in collection, and then to the delinquent Assessment; and
BE IT FURTHER RESOLVED that the Managing Agent is directed to consult with the Association's attorneys and turn over for collection immediately any account where the owner files or is the subject of a petition for relief in bankruptcy or a lender has commenced any action for foreclosure of its lien against the unit; and
BE IT FURTHER RESOLVED that the following policies shall apply to all delinquent accounts turned over to the Association's attorneys for collection:
1. All contacts with a delinquent homeowner shall be handled through the Association's attorneys. Neither the Managing Agent nor any Association officer or director shall discuss the collection of the amount directly with a homeowner after it has been turned over to the Association's attorneys unless one of the Association's attorneys is present or has consented to the contact.
2. All sums collected on a delinquent account shall be remitted to the Association in care of the Association's attorneys until the account has been brought current, unless otherwise agreed to by counsel and management.
3. The Association's attorneys' legal fee and actual costs of the Managing agent shall be assessed against each delinquent parcel and its owner when the account is turned over to the Association's attorneys for collection.
IN WITNESS WHEREOF, The Board of Directors has approved the provisions hereof this 10th day of November, 2007, at a duly called meeting of the Board at which a quorum was present, by a vote of _5_ 5 to _0_.
Respectfully submitted by: Karen Huber, Secretary
(Signed copy available by request)
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