Real Property Owner Unit Association Collections

Summary

(HB24-1337)

The bill limits certain amounts that may be collected by owner's associations from unit owners. When an owners' association can require a unit owner to reimburse the association for collection costs, attorney fees, or other costs resulting from the owner's failure to timely pay assessments or other money owed, the bill limits the reimbursement amount to 50% of the original money owed. When an owners' association can require a unit owner to reimburse the association for collection costs and attorney fees resulting from the owner's failure to obey the bylaws or rules of the association, the bill limits the reimbursement amount to 50% of the actual cost the association incurred for the failure to obey. When an association prevails in an action to collect unpaid assessments or enforce or defend the association's bylaws or rules, the bill limits the award of reasonable attorney fees, costs, and collection costs to 50% of the balance owed to the