The Board of Directors has yet to rescind its policy of imposing unlawful fees or fines on homeowners.
In a previous post, we reported on a "late fee" of $50 being imposed on a homeowner. The homeowner wasn't informed that a monthly payment had not been received, and the first notice to the homeowner was a collection letter from Cardinal Management.
Fees or fines, unless defined in the condominium covenants, may not be imposed.
Under ARTICLE IX, Section 5 of the Bylaws, any monthly installment "which is not paid within ten (10) days after it is due, shall bear interest at a rate not to exceed nine percent (9%) per annum".
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"The Board concluded that the late fee would be removed from your account and the collections practices would be reviewed and revised in order to ensure compliance with state statutes and recent court rulings." — Tom Markell, Senior Property Manager, July 30, 2013
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