57-8a-201. Payment of a common expense or assessment -- Late fees.
(1) An owner shall pay the owner's proportionate share of: the common expenses; and any other assessments levied by the association.
(2) A payment described in Subsectionshall be in the amount and at the time determined by the board of directors in accordance with the terms of the: (1) declaration; or bylaws.
(3) An assessment levied against a lot is: a debt of the owner at the time the assessment is made; and collectible as a debt described in Subsection. (3)(a)
(4) The board of directors may impose, for a late payment: a late fee, not to exceed the greater of: 10% of the assessment amount; or $50; and 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: adopt a fee schedule by rule in accordance with Sectionthat describes the amount of fee the board shall impose; and 57-8a-217 provide a copy of the fee schedule to each lot owner.