Condo Media - July 2018 - 30
Maine statute puts an
18
percent cap
on the interest
associations
can charge on
delinquent payments
Timing is as important here as it is
in superlien states concerned about
protecting the six-month priority. The
Maine lien expires after five years, "and
associations have to be aware of that
time period," McGlauflin explains. "If
you are collecting money from an owner
in arrears," he advises, "it is important
to apply payments they make to the
oldest debt first," creating new liens to
cover delinquencies that occur after the
first one is filed.
In addition to requiring written
notice to delinquent owners, the Maine
statute puts an 18 percent cap on the
interest associations can charge on
delinquent payments; it also permits
"reasonable" late fees but doesn't
specify what "reasonable" means.
One additional quirk of the Maine
condominium law of which associations
should be aware-it requires delinquent
owners to pay the association's legal
fees only if they result from litigation to collect the fees either before a
MRG
foreclosure or as part of a foreclosure
brought by a bank. Associations can
collect legal fees outside of litigation
only if their declaration provides that
authority, McGlauflin explains. For
that reason, he advises clients to amend
their declarations to specify that owners are responsible for paying legal fees
the association incurs "anywhere in the
collection process."
CLARITY AND CONSISTENCY
Although the details of association
collection procedures may differ, based
on the nature of the lien (priority or
not) and the requirements of state
law, industry executives agree that
all associations should have written
procedures in place, which boards and
managers should apply uniformly and
consistently to all owners.
"The days are gone when boards
could say about a delinquent owner: 'He
pays late all the time. We know he'll pay
eventually, so we'll wait,'" Wolf notes.
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30
CONDOMEDIA July 2018
Condo Media - July 2018
Table of Contents for the Digital Edition of Condo Media - July 2018
Contents
Condo Media - July 2018 - Cover1
Condo Media - July 2018 - Cover2
Condo Media - July 2018 - Contents
Condo Media - July 2018 - 2
Condo Media - July 2018 - 3
Condo Media - July 2018 - 4
Condo Media - July 2018 - 5
Condo Media - July 2018 - 6
Condo Media - July 2018 - 7
Condo Media - July 2018 - 8
Condo Media - July 2018 - 9
Condo Media - July 2018 - 10
Condo Media - July 2018 - 11
Condo Media - July 2018 - 12
Condo Media - July 2018 - 13
Condo Media - July 2018 - 14
Condo Media - July 2018 - 15
Condo Media - July 2018 - 16
Condo Media - July 2018 - 17
Condo Media - July 2018 - 18
Condo Media - July 2018 - 19
Condo Media - July 2018 - 20
Condo Media - July 2018 - 21
Condo Media - July 2018 - 22
Condo Media - July 2018 - 23
Condo Media - July 2018 - 24
Condo Media - July 2018 - 25
Condo Media - July 2018 - 26
Condo Media - July 2018 - 27
Condo Media - July 2018 - 28
Condo Media - July 2018 - 29
Condo Media - July 2018 - 30
Condo Media - July 2018 - 31
Condo Media - July 2018 - 32
Condo Media - July 2018 - 33
Condo Media - July 2018 - 34
Condo Media - July 2018 - 35
Condo Media - July 2018 - 36
Condo Media - July 2018 - 37
Condo Media - July 2018 - 38
Condo Media - July 2018 - 39
Condo Media - July 2018 - 40
Condo Media - July 2018 - 41
Condo Media - July 2018 - 42
Condo Media - July 2018 - 43
Condo Media - July 2018 - 44
Condo Media - July 2018 - 45
Condo Media - July 2018 - 46
Condo Media - July 2018 - 47
Condo Media - July 2018 - 48
Condo Media - July 2018 - 49
Condo Media - July 2018 - 50
Condo Media - July 2018 - 51
Condo Media - July 2018 - 52
Condo Media - July 2018 - 53
Condo Media - July 2018 - 54
Condo Media - July 2018 - 55
Condo Media - July 2018 - 56
Condo Media - July 2018 - 57
Condo Media - July 2018 - 58
Condo Media - July 2018 - 59
Condo Media - July 2018 - 60
Condo Media - July 2018 - 61
Condo Media - July 2018 - 62
Condo Media - July 2018 - 63
Condo Media - July 2018 - 64
Condo Media - July 2018 - 65
Condo Media - July 2018 - 66
Condo Media - July 2018 - 67
Condo Media - July 2018 - 68
Condo Media - July 2018 - 69
Condo Media - July 2018 - 70
Condo Media - July 2018 - 71
Condo Media - July 2018 - 72
Condo Media - July 2018 - Cover3
Condo Media - July 2018 - Cover4
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