Effective Date: August 7th, 2024
Key Points:
Elimination of Physical Posting Requirement: HOAs are no longer required to physically post a notice of delinquency on the unit owner's property.
Reduction of Payment Plan Duration: The minimum duration for payment plans offered to delinquent unit owners has been reduced from 18 months to 12 months.
Removal of Minimum Installment Amount: The previous requirement that monthly installments under a payment plan be at least $25 has been removed, allowing for more flexible repayment arrangements.
Certified Mail Costs: HOAs are permitted to charge unit owners for the actual costs incurred when sending notices or documentation via certified mail.
Exemption for Certain Timeshare Units: The bill exempts timeshare units not occupied on a full-time basis from some procedural requirements imposed by previous legislation. w
These changes aim to streamline HOA procedures and provide greater flexibility in managing delinquent accounts.
