Past Due Financial Rule Change

Effective November 26, 2018

At the October 26, 2018 Board of Directors meeting the Board approved a minor change to the Past-Due Financial Accounts rule by eliminating a notice period in the actual bar code suspension letter for the Member to bring the account current before the bar code is suspended.  It is customary for Members, whose accounts are delinquent, to receive a delinquent notice/statement at the 60 and 90 day mark that includes language regarding bar code suspension.  A Bar Code Suspension Notice is sent to a Member whose bar codes have been suspended by the Board immediately following the Board meeting.

This change goes into effect as of November 26, 2018; the Rules and Regulations will be updated on the website.  

Below is both the current rule language and the changed rule language:

EXISTING RULE LANGUAGE
Past-Due Financial Accounts:
Quarterly Operating Assessments are due on the first day of the first month of the current calendar quarter. An Operating Assessment payment is past due if not received by the Community Association Manager prior to the last day of the first month of the current calendar quarter (Example: A Late Fee, plus Interest charge, will be assessed a Member’s account in the event the 1st Calendar Quarter payment, which is due January 1, is not received by January 31).

Member accounts that are 30 days past due in Operating Assessment payments shall accrue interest at 18% per annum from the due date of an unpaid Operating Assessment until the Member’s Operating Assessment account balance is fully paid.

A $25 Late Fee, plus annual interest accruing at the rate referenced below, shall be assessed on past due payments of an Operating Assessments that are paid late.

The DCCOA will begin lien and foreclosure procedures on a Member’s property when (i) the Member is past due in the payment of two (2) or more Quarterly Operating Assessments; or, (ii) the Member has an account balance in excess of $1,000 that is more than ninety (90) days in payment arrears. All costs and expenses incurred by the DCCOA in the collection of outstanding payments due the Association, including legal and court costs, shall be added to the Member’s account and be paid by Member.

All gate access barcodes(s) of a Member, and/or property renter, shall be deactivated upon a Member’s account balance being more than ninety (90) days past due. Prior to a gate access barcode being suspended, the Member shall receive a notice from the Community Association Manager advising the Member that his/her account balance is more than ninety (90) days past due and the balance is to be paid in full by the date referenced in the written notice to maintain gate access barcode privileges.  Following deactivation, the gate access barcodes shall only be reactivated upon the Member’s account balance being paid in full.  


CHANGED RULE LANGUAGE
Past-Due Financial Accounts:

Quarterly Operating Assessments are due on the first day of the first month of the current calendar quarter. An Operating Assessment payment is past due if not received by the Community Association Manager prior to the last day of the first month of the current calendar quarter (Example: A Late Fee, plus Interest charge, will be assessed a Member’s account in the event the 1st Calendar Quarter payment, which is due January 1, is not received by January 31).

Member accounts that are 30 days past due in Operating Assessment payments shall accrue interest at 18% per annum from the due date of an unpaid Operating Assessment until the Member’s Operating Assessment account balance is fully paid.

A $25 Late Fee, plus annual interest accruing at the rate referenced above, shall be assessed on past due payments of Operating Assessments that are paid late.

The DCCOA will begin lien and foreclosure procedures on a Member’s property when (i) the Member is past due in the payment of two (2) or more Quarterly Operating Assessments; or, (ii) the Member has an account balance in excess of $1,000 that is more than ninety (90) days in payment arrears. All costs and expenses incurred by the DCCOA in the collection of outstanding payments due the Association, including legal and court costs, shall be added to the Member’s account and be paid by Member.

The gate access barcode of a Member, and/or property renter, shall be deactivated upon a Member’s account balance being more than ninety (90) days past due. Member shall receive a written notice from the Community Association Manager advising the Member/Tenant that his/her account balance is more than ninety (90) days past due and gate access barcode privileges have been suspended by the Board. Following deactivation, the gate access barcode shall only be reactivated upon the Member’s account balance being paid in full.