Las Vegas, NV
Wednesday, May 18, 2011
David Stone, co-host, Homeowner Talk TV & president, NAS, Inc.
State of Nevada adopts law that outlines reasonable fees and costs associated with delinquent property payments
A regulation limiting collection fees has been adopted by the State of Nevada.
Regulation R199-09 establishes caps on collection fees incurred in collecting any past due obligations of a unit's owner, an association or someone acting on behalf of an association.
The regulation states that delinquent assessment fees cannot exceed $1,950, plus costs, which are also outlined in the text. In addition, the regulation permits a reasonable management company fee, which does not exceed $200.
David Stone, president of Nevada Association Services, Inc., which is a Las Vegas-based collection company specializing in common interest communities, said that he is relieved the regulation was accepted. "This regulation has been a long time coming and I am happy to say it is now official," he says.
Stone says that his company has always acted within these caps, and he is pleased that other collection companies will now have to do the same. "NAS, Inc. continues to be compliant with the regulation. The fees that NAS, Inc. charges are lower than a number of permissible charges on the regulation, and we have no intention of raising the fees. We will continue to monitor collection accounts to make sure that compliance continues. In the meantime, with small adjustments, it is business as usual," he says.
To see the text of the regulation, please visit http://www.nas-inc.net/pdfs/collection-fee.pdf
Nevada Association Services, Inc.
Las Vegas, NV