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Guides · Assessments, fines and fees

What happens if my assessment payment is late?

If full payment does not arrive by 5:00 p.m. on the due date the Board set, the Association may charge a late fee of $25 per month and/or interest at the highest rate the law allows, or, if there is no such limit, one and a half percent per month, until paid in full.

You are also liable for the Association’s collection costs — title reports, certified mail, court costs, filing fees and reasonable attorneys’ fees. A returned check can carry a $25 charge under the collection policy.

That is a summary in plain words. The passages below are what the documents actually say, and they are the authority.

What the documents say

  1. If the Association does not receive full payment of an Assessment by 5:00 p.m. on the due date established by the Board, the Association may levy a late fee of $25 per month and/or interest at the highest rate allowed by applicable usury laws then in effect on the amount of the Assessment from the due date thereof (or if there is no such highest rate, then at the rate of 1 and 1/2% per month) until paid in full.

    Assessment Collection Policy, 1-CRead page 1 in the document

  2. The defaulting Owner is liable to the Association for the cost of title reports, certified mail, long distance calls, court costs, filing fees, and other reasonable costs and attorneys' fees incurred by the Association in collecting the delinquency.

    Assessment Collection Policy, 1-DRead page 1 in the document

  3. The Association may levy a charge of $25 for any check returned to the Association marked "not sufficient funds" or the equivalent.

    Assessment Collection Policy, 1-ERead page 1 in the document

  4. Returned Payment Fee - $30.00 for each returned item.

    Amended and Restated Management Certificate, Item 8Read page 1 in the documentscan

This guide was written from the copies in this archive. Documents can be amended after they are recorded, and this is not legal advice; the recorded instruments at the Comal County Clerk are the authoritative versions.