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| | 09800HB4154ham001 | - 2 - | LRB098 15707 HEP 57135 a |
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1 | | with administering the payment plan or interest. |
2 | | (b) The minimum term for a payment plan offered by a
common |
3 | | interest community association is 3 months. |
4 | | (c) A common interest community association may not allow a |
5 | | payment
plan for any amount that extends more than 18 months |
6 | | from the date
of the owner's request for a payment plan. The |
7 | | association is not
required
to enter into a payment plan with |
8 | | an owner who failed to
honor the terms of a previous payment |
9 | | plan during the 2 years
following the owner's default under the |
10 | | previous payment plan. |
11 | | (d) A common interest community association shall file the
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12 | | association's guidelines under this Section in the office of |
13 | | the recorder of each county in which the association property |
14 | | is located. |
15 | | (e) A common interest community association's failure to |
16 | | file, as
required by this Section, the association's guidelines |
17 | | in the real
property records of each county in which the |
18 | | association property is located
does not prohibit a property |
19 | | owner from receiving an alternative
payment schedule by which |
20 | | the owner may make partial payments to the
common interest |
21 | | community association for delinquent regular or special
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22 | | assessments or any other amount owed to the association without
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23 | | accruing additional monetary penalties, as defined by |
24 | | subsection
(a) of this Section. ".
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