1. (1) An owner shall pay the owner's proportionate share of:

   1. (a) the common expenses; and
   2. (b) any other assessments levied by the association.

2. (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:

   1. (a) declaration; or
   2. (b) bylaws.

3. (3) An assessment levied against a lot is:

   1. (a) a debt of the owner at the time the assessment is made; and
   2. (b) collectible as a debt described in Subsection (3)(a).

4. (4) The board of directors may impose, for a late payment:

   1. (a) a late fee, not to exceed the greater of:

      1. (i) 10% of the assessment amount; or
      2. (ii) $50; and
   2. (b) interest on the assessment and late fee of up to 1.5% per month.

5. (5) Before imposing a fee under this section, the board of directors shall:

   1. (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
   2. (b) provide a copy of the fee schedule to each lot owner.

Amended by Chapter 226, 2025 General Session