MEADOWVIEW HEIGHTS HOMEOWNERS’ ASSOCIATION, INC
POLICIES, RULES & REGULATIONS
(As of May 2008)
1. Policy Towards Past Due Accounts
Due Date Mail friendly reminder statement. Remind homeowners that they are ineligible to
vote at any annual or special meeting if the account remains unpaid at that
meeting. There is no penalty at this time, but warn about late charges and interest.
30 Days Past Due Account is considered delinquent. Assess late charges of $10.00. Warn about
further late charges if account remains unpaid.
60 Days Past Due Assess additional late charge of $50.00. Warn about letter to mortgage holder (or,
if no mortgage, referral to association’s attorney for collection) if account
90 Days Past Due Send delinquency letter to mortgage holder. If no mortgage holder, refer to
association’s attorney for collection. As per the Bylaws, charge simple interest of
1 ½ % per month on original balance from the original due date. Also as per the
Bylaws, attorney’s fees are the responsibility of the homeowner in default.
120 Days Past Due Refer to association’s attorney for collection if it hasn’t already been referred.
Continue to assess monthly interest on unpaid principal. As per the Bylaws,
attorney’s fees are the responsibility of the homeowner in default.
Any payments received will first be applied towards any outstanding interest charges,
then towards any outstanding late charges, and finally towards principal charges
(assessments) in chronological order (oldest charges first).
This policy does not preclude the use of any other remedies available in the Bylaws or by
state or federal law.
Any check returned by the bank for insufficient funds, stop payment or any other reasons
will be charged back to the account. Any bank fees incurred by the Association will be
assessed to the account. If the account has been turned over to the Association’s agent for
collection and a check is returned, the account will be assessed whatever administrative
fees as the Agent provides.
Homeowners with financial hardships are encouraged to contact the Board in writing to
arrange an alternate payment schedule. In such situations, the Board may at their
discretion waive finance charges and/or late charges.
2. The following late fees will be imposed on accounts:
a. $10 when account becomes delinquent, per the policy towards past due
b. $50 on the next notice
3. For safety purposes, parking in front of fire hydrants or within a circular turn around
(cul-de-sac) is prohibited at all times. Violators will be towed at their own expense.