NRS 116B.620 Fees imposed on associations to pay for costs of administering Office of Ombudsman and Commission; administrative penalties for failure to pay; interest on unpaid fees.
358 words·~2 min read·
/nv/chapter-116b-condominium-hotel-act/116b-620·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
NRS 116B.620 Fees imposed on associations to pay for costs of administering Office of Ombudsman and Commission; administrative penalties for failure to pay; interest on unpaid fees.
1. Except as otherwise provided in subsection 2, an association shall:
(a)If the association is required to pay the fee imposed by NRS 78.150 , 82.193 , 86.263 , 87.541 , 87A.560 or 88.591 , pay to the Administrator a fee established by regulation of the Administrator for every unit in the association used for residential use.
(b)If the association is organized as a trust or partnership, or as any other authorized business entity, pay to the Administrator a fee established by regulation of the Administrator for each unit in the association.
2. The fees required to be paid pursuant to this section must be:
(a)Paid at such times as are established by the Division.
(b)Deposited with the State Treasurer for credit to the Account for Common-Interest Communities and Condominium Hotels created by NRS 116.630 .
(c)Established on the basis of the actual costs of administering the Office of the Ombudsman and the Commission and not on a basis which includes any subsidy beyond those actual costs. In no event may the fees required to be paid pursuant to this section exceed $3 per unit.
3. The Division shall impose an administrative penalty against an association that violates the provisions of this section by failing to pay the fees owed by the association within the times established by the Division. The administrative penalty that is imposed for each violation must equal 10 percent of the amount of the fees owed by the association or $500, whichever amount is less. The amount of the unpaid fees owed by the association bears interest at the rate set forth in NRS 99.040 from the date the fees are due until the date the fees are paid in full.
4. Upon the payment of the fees and any administrative penalties and interest required by this section, the Administrator shall provide to the association evidence that it paid the fees and the administrative penalties and interest in compliance with this section.