Q: Do payment plans under the new debt collection act include accelerated assessments?

More and more questions are cropping up regarding the implementation of the new debt collection act.  A recent question we were asked is how the requirement to offer a payment plan affects an association’s right to accelerate assessments.

If the association has the right to accelerate assessments, the association can still exercise that right.  If it has done so prior to the payment plan, then the six month payment plan would include the past due assessments, plus the accelerated amount, which would then all have to be paid over that six months.  If the payment plan is already in place, associations are most likely not going to be accelerating at that time since payments are being made and the debt is being taken care of.

Are there other practical implications you are wondering about with the new statute?  Let us know!

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