MN SF4035

Late fees for unpaid HOA assessments are capped at 15% of the installment amount unless the declaration specifies otherwise

Associations must adopt and provide to all unit owners a written policy on fines that includes a list of violations, fine amounts, and available remedies

Associations must adopt a collection policy requiring three separate notifications to unit owners before referring accounts to collections, with at least one sent by certified mail

Attorney fees and costs related to disputed fines or assessments cannot be charged to unit owners until after a hearing is held and the board adopts a resolution upholding the fine

New disclosure requirements for unit purchasers include information about insurance deductibles and loss assessments, reserve studies, and a written acknowledgment that governing documents will impact their property rights