57-8a-201. Payment of a common expense or assessment -- Late fees.
(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.