Assessment collection is critical to the efficient operation of a condominium. Governing documents play an important part in the collection process by establishing a condominium association’s assessment collection authority and collection procedures. Therefore, it is important that governing documents clearly define procedures and comply with current laws. Some assessment collection procedures in condominium governing documents are outdated, or lack specificity. For example, governing documents often afford broad discretion to directors and management, permitting them to set interest rates, late fees, and apply acceleration. While such provisions can provide flexibility in administration, they can also create additional work and risk inconsistent application.    Read the article……………..