In Florida, Homeowners Associations (HOAs) and Condominium Owners Associations (COAs) are mandated to follow specific procedures when addressing delinquent assessments. A critical step in this process is issuing the Notice of Late Assessment (NOLA), a requirement that, if overlooked or improperly handled, can hinder an association’s ability to recover owed funds while also facing consequences for non-compliance.
What is the Notice of Late Assessment (NOLA)?
Effective July 1, 2021, Florida law stipulates that associations must send a NOLA via certified mail to any homeowner with overdue assessments. This notice provides the delinquent owner with a 30-day period to settle the outstanding amount before the association can escalate the matter to legal counsel for collection actions. Failure to dispatch this notice not only delays the collection process but also precludes the association from recouping legal fees related to the delinquency.
Challenges in Implementing NOLA within Software Solutions
Many property management software platforms lack built-in functionalities to automate the NOLA process, posing challenges such as:
- Manual Oversight: Reliance on manual tracking increases the risk of human error, leading to potential non-compliance.
- Inconsistent Documentation: Without standardized templates, the content and accuracy of notices can vary, undermining their effectiveness.
- Delayed Actions: Manual processes can cause delays in sending notices, prolonging the collection timeline and affecting the association’s cash flow.
Seamless NOLA Integration with TechCollect
TechCollect addresses Florida’s Notice of Late Assessment by offering a platform that seamlessly integrates the NOLA process into your association’s communications workflow:
- Automated Notifications: TechCollect ensures that NOLAs are automatically generated and dispatched in accordance with Florida’s legal requirements, minimizing manual intervention and reducing errors.
- Customizable Templates: The platform provides standardized, yet customizable, templates that align with statutory guidelines, ensuring consistency and compliance.
- Real-Time Tracking: With real-time monitoring, associations can track the status of each notice, ensuring timely follow-ups and efficient management of delinquent accounts.
- Comprehensive Integration: TechCollect’s AI plugin leverages standard APIs to integrate smoothly with existing HOA property management systems, enhancing overall operational efficiency.
By adopting TechCollect, community association management companies based on Florida can streamline their collections process, safeguard compliance measures, and maintain robust community finances. To learn more about the solution and how it seamlessly works with your software solution, reach out to us.
