CHANGES:
-Completely reworded for clarity and brevity.
Discussion held and agreement made:
-Fees should not be defined, and left to admin needs to avoid a rule change being required when costs increase/decrease.
OLD:
(Article XVIII)
Once the Association has received notice that the Bank is going to refuse to make a check good after several deposits, Lake Heritage Property Owners Association, Inc. is then required to notify the debtor by certified mail of the refusal, and the debtor would then have ten (10) days to make the check good from the date that they received the refusal. Thereafter, the Association would then have the ability to file a bad check charge and would have to also keep with their records the return receipt card indicating that they, the debtor, has received the notice of refusal, together with a copy of the notice of refusal from the Bank to meet the requirements of the statue. A $20.00 service charge, can and will be charged (as long as notice of a Bad Check Policy is conspicuously displayed on the payee's premises when the check was issued.)
NEW:
(Article V; Sec. 2)
When LHPOA receives notice from a bank that a check was refused due to insufficient funds and has charged LHPOA the related fee, LHPOA shall notify the debtor by phone or electronic communication and Certificate of Mailing. The debtor then has ten (10) days from the date of the letter to make the check good. In addition, the debtor is charged the fee charged by the bank and a LHPOA service charge. Failure to respond to the letter may result in further collection action in accordance with this Article, Section 1.
CHANGES:
Complete overhaul