[§514A-15.1]  Common expenses; prior late
charges.  No association of apartment owners shall deduct and apply
portions of common expense payments received from an apartment owner to unpaid
late fees (other than amounts remitted by an apartment owner in payment of late
fees) unless it delivers or mails a written notice to such apartment owner, at
least seven days prior to the first such deduction, which states that:



(1)  Failure to pay late fees will result in the
deduction of late fees from future common expense payments, so long as a
delinquency continues to exist.



(2)  Late fees shall be imposed against any future
common expense payment which is less than the full amount owed due to the
deduction of unpaid late fees from such payment. [L 1988, c 225, §4]



 



Revision Note



 



  Paragraphs (1) and (2) redesignated.