Committee/Subcommittee Amendment No. 8 to PCS for CS/HB 1203 (2024)

Summary

Committee/subcommittee amendment, Amendment No. 8, offered by Representative Daniels at the Commerce Committee hearing on PCS for CS/HB 1203 (2024). The inserted text addresses assessments and installments on assessments that are not paid when due. They bear interest from the due date until paid at the rate in the declaration of covenants or the bylaws, which may not exceed the rate allowed by law. If neither provides a rate, simple interest accrues at a stated percent per year, and the assessments may not accrue compound interest.

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Cite this document

“Committee/Subcommittee Amendment No. 8 to PCS for CS/HB 1203 (2024).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-3220-commerce-committee-proposed-committee-bill-amendments-fn-pcs-c1664c996e/, SHA-256 10c98a59ac74d46b1b1fcbd508492540d1f6a781076cf5b2dc2efe7e73de3bc9.

Full text

                                           COMMITTEE/SUBCOMMITTEE AMENDMENT
                                      Bill No. PCS for CS/HB 1203     (2024)
       Amendment No. 8




            COMMITTEE/SUBCOMMITTEE ACTION
       ADOPTED                      (Y/N)
       ADOPTED AS AMENDED           (Y/N)
       ADOPTED W/O OBJECTION        (Y/N)
       FAILED TO ADOPT              (Y/N)
       WITHDRAWN                    (Y/N)
       OTHER


 1     Committee/Subcommittee hearing bill:      Commerce Committee
 2     Representative Daniels offered the following:
 3
 4          Amendment
 5          Remove lines 1080-1085 and insert:
 6          (3)    Assessments and installments on assessments that are
 7     not paid when due bear interest from the due date until paid at
 8     the rate provided in the declaration of covenants or the bylaws
 9     of the association, which rate may not exceed the rate allowed
10     by law. If no rate is provided in the declaration or bylaws,
11     simple interest accrues at the rate of 18 percent per year.
12     Regardless of the declaration or bylaws, the assessments and
13     installments on assessments that are not paid when due may not
14     accrue compound interest.
15


     PCS for CSHB 1203 a8
      Published On: 2/14/2024 9:16:21 PM
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