OLD TAUNTON COLONY CLUB
Late Fees and Collection Policy
Effective March 1, 2020
The following policy relates to the method by which the Old Taunton Colony Club (“the Association”) will pursue past due accounts, assess late fees and enter into payment plans.
1. Dues and Assessments – Annual assessments (“dues”) are billed on a calendar year basis (January 1 to December 31). Invoices are mailed on or around the 15 th of March of each year. Payment is due and payable on the first (1st) day of May of each year, or by the date of the Annual Meeting, whichever is later. Payment of special or other assessments is due 30 days following the mailing of bills for such assessments.
2. Late Fees – If full payment of dues or assessments is not received within 30 days after the due date indicated above, then a late fee of $25.00 will be assessed. Additional late fees of $25 will be assessed every thirty (30) days thereafter until the amounts due are paid in full. This policy may be referenced on invoices and statements issued by the Association, but no further notice shall be required prior to assessment of late fees. Late fees are due and payable as soon as they are incurred. Late fees will apply to any subsequent thirty (30) day period in which the dues or assessments remain fully or partially unpaid. No late fees will be assessed on prior late fees. In the event of partial payments of dues or assessments, the remaining amounts due shall nevertheless be considered late under this policy and a late fee shall be assessed as indicated above.
3. Reimbursement for Dishonored Checks – The property owner shall be responsible to reimburse the Association for any fee or charge imposed on the Association by a financial institution with respect to a check tendered to the Association that is dishonored by the drawee of such check.
4. Late Notices – The Association, at its option and within its sole discretion, may send statements and notices to delinquent owners at any time after thirty (30) days beyond the due date. After ninety (90) from the due date, the notice may include a fifteen (15) day demand statement for payment in full of all outstanding dues, assessments and late fees. If payment in full is not received within the fifteen (15) days of such notice, the subject property’s “Good Standing” status may be terminated. In addition, the account may be turned over to the Association’s legal counsel for filing of a lien against the property. All reasonable attorneys’ fees and court costs related to the filing and subsequent satisfaction of the lien will be assessed to the property owner.
5. Legal Proceedings - If the amounts due remain unpaid one year after the filing of the lien, a lawsuit or foreclosure proceeding may be brought against the property owner by the Association. The Association, at its option, may elect to pursue the matter in conciliation, or municipal or county court, or may pursue foreclosure. All reasonable attorneys’ fees and court costs incurred by the Association will be assessed to the property owner.
When an account is turned over to legal counsel specifically for foreclosure proceedings, such action must be approved in advance by the Board of Trustees.
6. Payment Plans – If a member is in arrears on dues or assessments owed to the Association, a payment plan may be entered into with the member. However, the following rules apply to all payment plans.
A. The Treasurer may approve plans for six months or less. Any and all payment plans longer than six months must be approved by the board.
B. All payment plans must be in writing and signed by the delinquent owner.
Adopted by the Board of Trustees on January 8, 2020