(1) In collecting past-due assessments and other delinquent payments under this article, an association or a holder or assignee of the association's debt, whether the holder or assignee of the association's debt is an entity or a natural person, shall:
Adopt and comply with a collections policy that meets the requirements of section38-33.3-209.5 (5); and
Make a good-faith effort to coordinate with the unit owner to set up a payment planthat meets the requirements of this section; except that:
(I) This section does not apply if the unit owner does not occupy the unit and has acquired the property as a result of:
A default of a security interest encumbering the unit; or
Foreclosure of the association's lien; and
(II) The association or a holder or assignee of the association's debt is not obligated to negotiate a payment plan with a unit owner who has previously entered into a payment plan under this section.
A payment plan negotiated between the association or a holder or assignee of theassociation's debt, whether the holder or assignee of the association's debt is an entity or a natural person, and the unit owner pursuant to this section must permit the unit owner to pay off the deficiency in equal installments over a period of at least six months. Nothing in this section prohibits an association or a holder or assignee of the association's debt from pursuing legal action against a unit owner if the unit owner fails to comply with the terms of his or her payment plan. A unit owner's failure to remit payment of an agreed-upon installment, or to remain current with regular assessments as they come due during the six-month period, constitutes a failure to comply with the terms of his or her payment plan.
For purposes of this section, "assessments" includes regular and special assessmentsand any associated fees, charges, late charges, attorney fees, fines, and interest charged pursuant to section 38-33.3-315 (2).
Source: L. 2013: Entire section added, (HB 13-1276), ch. 351, p. 2037, § 3, effective January 1, 2014.