Common Interest Developments: Assessments.

Existing law, the Davis-Stirling Common Interest Development Act, governs the management and operation of common interest developments by an association. Existing law authorizes interest to accrue on all sums imposed, including delinquent assessments, reasonable fees and costs of collection, and reasonable attorney's fees, at an annual interest rate not to exceed 12%, commencing 30 days after the assessment becomes due, unless a lesser rate is specified in the declaration. This bill would make a nonsubstantive change to those provisions.