(a) A property owners’ association shall adopt reasonable guidelines to establish an alternative payment schedule by which an owner may make partial payments to the association for delinquent regular or special assessments or any other amount owed to the association without accruing additional monetary penalties. For purposes of this section, monetary penalties do not include reasonable costs associated with administering the payment plan or interest.
(b) A property owners’ association is not required to enter into a payment plan with an owner who failed to honor the terms of a previous payment plan.
Terms Used In Texas Property Code 215.018
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(c) A property owners’ association shall file the association’s guidelines under this section in the real property records of each county in which any portion of the subdivision is located.