We want to share an awesome resource to figure out the collection laws for HOAs and Condos in all 50 states. Our friends at Axela have a digest of all the requirements since regulations governing Homeowner Associations and Condominium Communities vary greatly from state to state.
“Debt collection done wrong is a very expensive proposition. Even if you are not a licensed debt collector you cannot or should not violate Fair Debt Collection Statutes. It can become expensive and litigious. Even if you are a manager or a member of the board of directors at your HOA or Condo you need to act within the boundaries of the law and with great care.
Debt collection is one of the most highly regulated industries in the United States of America. There are Federal laws (FDCPA – Fair Debt Collections Act), and each state may have its own fair debt collection regulations (and may also regulate collections specifically when dealing with common interest developments). So some of the things you need to know about fair debt collection laws that apply to your HOA will depend on the state you’re in. Fortunately, most of the time state laws mirror federal regulations. This especially is the case when it comes to community associations”.
We are proud of our partnership with Axela to provide compliance with collections regulations, transparency to the homeowner, and visibility to Board Members for a fair cost.