2.4.2 Late Charges on Assessments

• Jurisdiction: Arizona

§ 2.4.2 Late Charges on Assessments

A.R.S. § 33-1803 explicitly empowers the board of directors to impose reasonable charges for the late payment of assessments, unless the imposition of charges for the late payment of assessments is reserved to the members of the planned community in the community documents. ²⁰⁷ Although the board of directors is empowered to charge for the late payment of assessments, the statute limits the charge to the greater of $15 or 10% of the amount of the unpaid assessment, whichever is greater, and the charge may be imposed only after the association has provided notice that...