CA AB2502

Clarifies that payment allocation rules apply to homeowners' association agents and third-party debt collectors, requiring payments to first be applied to assessments before fees, costs, attorney's fees, late charges, or interest.

Prohibits homeowners from waiving their right to have payments allocated in the specified order and requires associations and agents to accept partial payments that comply with written payment agreements.

Requires payment plans to be in writing with executed copies delivered to owners within 7 days, and allows either party to have counsel present at payment plan meetings with 48-hour notice to the other party.

Modifies payment plan meeting procedures to require board meetings at the next regularly scheduled session if the owner does not authorize a committee to meet, and authorizes owners to request copies of executive session minutes relating to their payment plans.

Requires agents contracted by associations to collect debt to comply with all provisions of the law, including payment allocation requirements and payment plan terms.