Collection Policy Checklist
by Brianna L. Schaefer, Esq.
A well-drafted collection policy provides a road map and checklist to guide the board and the manager in handling delinquencies. It clearly sets forth a step by step process and specifies each individual’s role. It also provides a mechanism for the exercise of discretion where unforeseen circumstances such as loss of employment, illness, or death of a wage earner call for compassion in negotiating a payment arrangement. Here are some provisions you may want to include:
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