- Collections Policy (351 Downloads)
To define the policy and procedures for the collection of delinquent member LFRPOA accounts, pursuant to Article X, Section 2.A, of the Lake Front Royal Property Owners Association, Inc. By-Laws.
Delinquent accounts shall be as defined in the LFRPOA By-Laws, Article X, Section 2. Member accounts defaulting on agreed upon payment plan schedules shall also be deemed delinquent.
When a payment on the member’s delinquent account has not been received for a period of 60 consecutive calendar days, the delinquent account will be placed into collections with the LFRPOA designated collections agency. After an additional 90 calendar days in collections with no resolution, the unpaid account will be turned over to the Corporation’s attorney for further legal action.
- The LFRPOA Treasurer will provide a monthly financial status report of all member accounts to the LFRPOA President no later than the 15th day of the following month. The monthly financial report will identify those accounts 60+ calendar days delinquent.
- The LFRPOA President will review the Treasurer’s monthly financial report to confirm the identified accounts as 60+ days delinquent.
- The LFRPOA Treasurer will submit the delinquent accounts to the LFRPOA designated collections agency for collection.
- Those accounts still unpaid or unresolved after an additional 90 days of action by the collections agency will be referred to the Corporation’s attorney for further legal action.