Adopted: June 10, 1996
Effective Date: July 1, 1996
Revised Date: June 6, 2011
Effective Revision Date: June 6, 2011
On or before the 1st of the third month of each quarter (March, June, September & December), statements will be prepared to distribute to the membership who are leasing lockboxes from the Association. The distribution date is the 1st day of the same month (March, June, September and December).
Each billing statement will contain the name and address of the lessee along with the total number of lockboxes being billed for, invoice number and due date. Each billing statement will be accompanied with a report indicating the serial numbers for each of the lockboxes.
Billing statements are due and payable upon the fifth day of each quarter (January, April, July and October). This will reflect a billing cycle of 30 days between the distribution of statement and actual due date.
On the 1st day (January, April, July and October), a second notice billing statement will be prepared and distributed to those whose payments have not been received. Each statement will reflect a 10% late fee on the unpaid balance. Each statement will indicate that should this statement go unpaid by the 7th of the month, the Association will have no choice but to suspend Key service.
On the 30th day (January, April, July and October), a final notice billing statement will be prepared and distributed to those whose payments have not been received. Each statement will reflect the 10% late fee along with the unpaid balance. Each statement will indicate that should this statement go unpaid, the Association will have no choice but to refer this matter to a collection agency for action. Each statement will also indicate that the keypad issued will be suspended temporally until this matter has been resolved.
Any payments made will be applied to the past due amount first. Late charges will continue to accrue until account is paid in full.
It is the lessee’s responsibility to review each statement carefully and immediately contact the Association office regarding any changes, questions or disputes they may have.