Venture 73 Owners’ Association
Debt Collection Policy dated
In compliance with Colorado Statute HB13-1276 (HOA Debt Collection) effective January 1, 2014, the Board of Directors of Venture 73 Owners’ Association adopts the following revised collection policy.
- The Board of Directors shall fix the amount of the annual assessment or special assessment and prepare a roster of the lots and the assessments applicable thereto prior to the annual meeting of the The amount shall be disclosed at the annual meeting (V73 Bylaws Article VII Duties).
- Within one (1) week after the annual meeting an invoice shall be sent to all lot owners stating the assessment amount due. The assessment must be received or “Sent” to association treasurer/contractor within 30 days of the invoice “Sent” shall mean postmarked.
- If the assessment amount is not received by or Sent to the association treasurer/contractor within the 30 day period, the assessment amount shall be regarded as past Once an assessment is past due a late fee of $10.00 plus 12% interest will be added to the account. If any check received for payment is returned by the bank a $ .00 returned check charge will also be added to the account.
- The treasurer/contractor shall send out a second notice to delinquent lot owners fourteen
(14) days after the date due (V73 Bylaws Article VIII Duties of the Treasurer) to inform them that their assessment amount is past due and detailing the total amount due at that time. The lot owner will have 30 days from the notice date to submit the full amount owed. Any checks submitted by the lot owner for less than the full amount owed shall be returned to the lot owner.
- If the full amount owed is not received or “Sent” to the association treasurer/contractor within 30 days of the notice, a delinquency notice shall be sent specifying: a) total amount of arrearage, with an accounting of how the total arrearage was determined; b) whether the opportunity to enter into a payment plan exists and instructions for contacting the association to enter into the payment plan; c) the name and contact information for the individual the owner may contact to request a copy of the owner’s ledger to verify the amount of the debt; and d) that action is required to cure the delinquency and failure to do so within 30 days may result in the account being turned over to a collection agency, a lawsuit being filed against the owner, the filing and foreclosure of a lien against the owner’s property and other remedies available under Colorado law.
- The Board of Directors of the Association must vote on an individual basis to proceed filing a lien on any specific
- Once the Board has voted to file a lien on a lot, the lien amount will include the assessment amount, interest and late charges, county filing fees, accountant and/or attorney fees, overdraft check fees and applicable postage notification If a lot owner owns more than one lot, a separate lien will be filed on each lot and the lien amount will be reflective of those due per lot.
- The lot owner may have the lien released by submitting the full amount due plus the county fees to release the
- If a lot owner does not pay the annual assessment the following year, the amount due will be the total lien from the previous year plus all fees due for the current annual Each year the property remains delinquent, the current lien will be released and a new one will be filed. The county filing and release fees shall be added to the total amount due.
- The association will be able to foreclose on a lien against a delinquent owner once the balance due equals or exceeds 6 months of assessment fees. The balance can include items in addition to assessment fees such as interest, late fees, fines, attorneys’ fees, and other charges permitted to be charged by the governing documents. The Board of Directors is required to vote and formally approve the filing if a foreclosure action on any given account.
- A lot owner will have a one-time opportunity to enter into a payment The payment plan shall be a 6 month payment plan to bring the delinquent account current. In the event the association and a delinquent owner agree to a payment plan, the owner is also required to remain current in the payment of future assessment fees. If an owner fails to make the installment and/or regular assessment payment(s), the association may immediately proceed with additional action to collect the unpaid debt. The payment plan requirement does not extend to owners who do not occupy the property and took title as a result of a default on a mortgage (i.e. public trustee foreclosure) or association foreclosure.