Lockbox System Procedures

Adopted: June 10, 1996

Effective Date: July 1, 1996

Revised Date: October 6, 2003

Effective Revision Date: October 6, 2003

Billing Date:

On or before the 10th of the third month of a quarter (March, June, September and December), statements will be prepared to distribute to the membership who are leasing lockboxes from the Association. The distribution date is the 15th day of the same month (March, June, September and December).

Billing Statement:

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.

Due Date:

Billing statements are due and payable upon the first day of each quarter (January, April, July and October). This will reflect a billing cycle of 15 days between the distribution of statement and actual due date.

Second Notice:

On the 15th 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 30th of the month, the Association will have no choice but to suspend Key service.

Final Notice:

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.

Partial Payments:

Any payments made will be applied to the past due amount first. Late charges will continue to accrue until the account is paid in full.

Disputes:

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.

COPYRIGHT© 2003 SOUTHWEST RIVERSIDE COUNTY ASSOCIATION OF REALTORS®