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Ocean Pines board approves 6% interest on delinquent assessments for FY 2026–27
Summary
The board voted unanimously to set a 6% interest rate on delinquent assessments for fiscal year 2026–27; Treasurer Monica said the rate takes effect June 1 and applies to remaining balances, and legal action supersedes the 6% rate if accounts enter collections.
The Ocean Pines Association voted unanimously to establish a 6% interest rate on delinquent assessments for fiscal year 2026–27.
Treasurer Monica moved the item and said the establishment of the interest rate is required annually under the association’s governing resolution F4. When Board member Stuart asked when the interest would begin, Monica replied, “It would be due June 1, or it would kick in at June 1,” and confirmed the interest applies only to the remaining balance of an account. Monica added that if an account is referred to legal action, the 6% interest stops and legal fees would instead apply.
Chair put the motion to a voice vote; the board approved the motion unanimously and the chair asked the record to show unanimous passage.
The board did not provide a roll-call tally in the meeting transcript. The decision will be reflected in the association’s official minutes and is required annually by the governing documents, per the Treasurer’s explanation.
