(1) An ownerfn1 shall pay the owner's proportionate share of:
(a) the common expenses; and
(b) any other assessments levied by the association.
(2) A payment described in Subsection (1) shall be in the amount and at the time determined by the board of directors in accordance with the terms of the:
(a) declaration; or
(b) bylaws.
(3) An assessment levied against a lot is:
(a) a debt of the owner at the time the assessment is made; and
(b) collectible as a debtfn2 described in Subsection (3)(a).
(4) The board of directors may impose, for a late payment:
(a) a late fee, not to exceed the greater of:
(i) 10% of the assessment amount; or
(ii) $50; and
(b) interest on the assessment and late fee of up to 1.5% per month.
(5) Before imposing a fee under this section, the board of directors shall:
(a) adopt a fee schedule by rule in accordance with Section 57-8a-217 that describes the amount of fee the board shall impose; and
(b) provide a copy of the fee schedule to each lot owner.
Enacted 2004, ch. 153. Amended 2025, ch. 226, eff. May 7, 2025.
FN 1. The term "owner" is not defined, but presumably, when used here, "owner" means "lot owner" or "owner of a lot."
FN 2. For instance, an HOA may collect an assessment as a debt of the lot owner by pursuing a money judgment from a court against the lot owner personally for the amounts owed, and if a judgment is obtained, the HOA may attempt to collect on that judgment by wage garnishment, asset seizure and so forth. See Section 57-8a-307. Action to recover unpaid assessment ("An association need not pursue a judicial foreclosure or nonjudicial foreclosure to collect an unpaid assessment but may file an action to recover a money judgment for the unpaid assessment without waiving the lien under Section 57-8a-301.")