Bozeman, Montana
HOA Late Payment
Policies
30-Day Notice to West Winds HOA MembERS
Date: December 11, 2024
Subject: 30-Day NOTICE of New Board Resolution #20241211: Late Fees, Interest, Collections, and Liens Policies
Dear West Winds HOA Member,
On behalf of the West Winds HOA Board of Directors, we are writing to notify you of the adoption of a new Board Resolution (#20241211) regarding late fees, interest, collections, and liens. The Board approved this resolution in writing on December 11, 2024.
The resolution includes updated policies and procedures for:
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Late Fees and Interest: Clarifying the calculation and application of late fees and interest on overdue assessments.
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Collections: Establishing a standardized timeline and process for the collection of delinquent accounts.
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Liens: Outlining the steps the HOA may take to record and enforce liens in cases of delinquency.
This resolution aims to ensure transparency, fairness, and consistency in managing the HOA's finances and safeguarding the Association's financial health, which is vital for maintaining and servicing our community.
Attached, you will find a copy of the full resolution for your review. We encourage all members to familiarize themselves with the document. If you have any questions or concerns, please feel free to contact the Board at www.westwindsHOAbozeman.org/contact
Thank you for your attention to this matter and your continued commitment to the West Winds community.
Best regards,
West Winds HOA
Board of Directors
www.westwindshoabozeman.org/paymybill
Attachment: 20241211 Board Resolution - Late Fees, Interest, Collections, and Liens (Adopted 12/11/2024)
30-Day Notice Posted on HOA Website December 11, 2024
30-Day Notice Sent to Members by Email and Mail on December 11, 2024
Detailed INfo
HOA Late Payment POlicies
December 11, 2024
Per Board Resolution #20241211 - Late Fees, Interest, Collections & Liens Policies
Purpose
This Late Fee, Interest, Collections, and Lien Filing Policy establishes uniform procedures for collecting assessments in a timely manner, imposes penalties for late payments, and protects the HOA's financial stability.
Quarterly Dues
Annual HOA Maintenance Assessments (fees/dues) are billed in quarterly installments, due on the first (1st) day of each quarter (January 1, April 1, July 1, October 1). Payments are deemed late (“Past-Due”) if not received by the first (1st) of the month in which they are due.
Lot Types
There are two categories of Lots within the West Winds Subdivision:
Single-Unit Lots: This includes single-family homes or townhomes.
Multi-Unit Lots: This includes multi-family apartments, senior living and memory care facilities, and sub-associations (Condo Associations).
Maintenance Assessment
Calculation & Billing
HOA Maintenance Assessments are calculated and billed equally across all Lots as follows:
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The Total Annual Budgeted Maintenance Assessment (including Common Expenses and Reserves) is divided by the number of living units in the West Winds Subdivision.
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This figure is divided into four (4) quarterly payment installments or Quarterly Maintenance Assessments per Unit.
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For Single-Unit Lots, the assessment is the Quarterly Maintenance Assessment x 1 Unit for the Lot.
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For Multi-Unit Lots, the assessment is the Quarterly Maintenance Assessment x the Number of Units for the Lot.
Late Payment Fees on
Past-Due Assessments Charges
1. Single-Unit Lots:
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Late Fee: $25 or 3.5% for any past-due assessments charge balance, whichever is greater.
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Late Fees are assessed monthly on any balance unpaid by 11:59 PM Mountain Time on the 1st of each month.
2. Multi-Unit Lots:
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Late Fee: $150 or 3.5% for any past-due assessments charge balance, whichever is greater.
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Late Fees are assessed monthly on any balance unpaid by 11:59 PM Mountain Time on the 1st of each month.
Late Fee Interest Rate on
Past-Due Assessments Charges
Late payments (Past-Due) will accrue interest (“Late Fee Interest”) at an annual rate of 15%, equivalent to a monthly interest charge of approximately 1.25%. Interest will begin accruing from the due date of the unpaid invoice until the balance is paid in full.
Lien Filing Policy
All assessments, together with interest, late charges, costs, and reasonable attorneys' fees (collectively “Assessment Charges”), shall be a charge and continuing lien upon each Lot against which an assessment is made until paid in full. If Assessments Charges are delinquent for 30 days or more, the HOA may file a notice of the lien against the Lot with the Clerk and Recorder’s Office for Gallatin County, Montana (“Assessment Lien”). In the event of nonpayment within thirty (30) days after the recording of the notice of the lien, the HOA may foreclose the lien in a manner set forth under Montana law for the foreclosures of liens against real property.
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The lien will include a $150 lien filing fee and a $150 lien release fee, in addition to assessments, interest, late charges, costs, and reasonable attorney's fees.
Additional Provisions
1. Notice:
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The HOA will provide a 30-day written notice to the property owner prior to filing a lien, allowing them to settle the outstanding balance to avoid lien filing.
2. Foreclosure:
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Should the delinquency persist, the lien may be enforced through judicial foreclosure in accordance with Montana state law.
3. Legal Fees:
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The delinquent owner is responsible for all legal fees, court costs, and other expenses incurred in filing, enforcing, or releasing the lien.
Payment Methods
Payments may be made by check, credit card, or ACH. Instructions for making payments are available on the HOA website - Pay My Bill.
Notification of Late Payments
Members will be notified of late payments via email within 15 days of the 1st of the month. Notifications will include the amount due, the late fee, and any accrued interest.
Collection Policy
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Following a majority vote (quorum), the Board may refer accounts past-due by 30 days or more to a collection agency.
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All costs associated with collections, including administrative, mailing, and legal fees, will be added to the owner’s account as a reimbursement assessment.
Dispute Resolution
Owners who believe a late fee, interest charge, or lien filing is incorrect must submit a written dispute to the Board within 30 days of notification. The Board will review the dispute and issue a written decision within 30 days.
Amendments
This policy may be amended by a majority vote of the Board. Members will be notified of any changes at least 30 days before the new policy's effective date.
MAILING ADDRESS
West Winds HOA
P.O. Box 11965
Bozeman, MT 59719
This address is used for:
General Mail (Return Mail) Address
*Do NOT mail your HOA dues payments to this address
Dues Payment Address
West Winds HOA
P.O. Box 94046
Las Vegas, NV 89193-4046
This address is used for:
HOA Dues Payments Address
Bank-Provided Lockbox Services
Please Follow the Instructions: Mailing Payments by Check