§514B-72  Condominium education trust fund;
payments by associations and developers.  (a)  Each project or association
with more than five units, including any project or association with more than
five units subject to chapter 514A, shall pay to the department of commerce and
consumer affairs a condominium education trust fund fee within one year after
the recordation of the purchase of the first unit or within thirty days of the
association's first meeting, and thereafter, on or before June 30 of every odd-numbered
year, as prescribed by rules adopted pursuant to chapter 91.



(b)  Each developer shall pay to the
department of commerce and consumer affairs the condominium education trust
fund fee for each unit in the project, as prescribed by rules adopted by the
director of commerce and consumer affairs pursuant to chapter 91.  The project
shall not be registered and no effective date for a developer's public report
shall be issued until the payment has been made.



(c)  Payments of any fees required under this
section shall be due on or before the registration due date and shall be
nonrefundable.  Failure to pay the required fee by the due date shall result in
a penalty assessment of ten per cent of the amount due and the association
shall not have standing to bring any action to collect or to foreclose any lien
for common expenses or other assessments in any court of this State until the
amount due, including any penalty, is paid.  Failure of an association to pay a
fee required under this section shall not impair the validity of any claim of
the association for common expenses or other assessments, or prevent the
association from defending any action in any court of this State.



(d)  The department of commerce and consumer
affairs shall allocate the fees collected under this section, section 514A-40,
and section 514A-95.1 to the condominium education trust fund established
pursuant to section 514B-71.  The fees collected pursuant to this section shall
be administratively and fiscally managed together as one condominium education
trust fund established by section 514B-71. [L 2005, c 93, pt of §3; am L 2009,
c 129, §10]