(1) An owner shall pay the owner's proportionate share of: (a) the common expenses; and (b) any other assessments levied by the association. (2) A payment described in Subsection (1) shall be in the amount and at the time determined by the board of directors in accordance with the terms of the: (a) declaration; or (b) bylaws. (3) An assessment levied against a lot is: (a) a debt of the owner at the time the assessment is made; and (b) collectible as a debt described in Subsection (3)(a). (4) The board of directors may impose, for a late payment: (a) a late fee, not to exceed the greater of: (i) 10% of the assessment amount; or (ii) $50; and (b) interest on the assessment and late fee of up to 1.5% per month. (5) Before imposing a fee under this section, the board of directors shall: (a) adopt a fee schedule by rule in accordance with Section 57-8a-217 that describes the amount of fee the board shall impose; and (b) provide a copy of the fee schedule to each lot owner.
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