Bank of America (BAC) sued 28 Nevada homeowner associations, claiming the associations have been piling on inflated bills for past-due assessments.
The suit also names collection agencies charged with collecting HOA dues, saying collection costs are being improperly assessed as well. The story was first reported by VegasInc.com on Thursday morning.
According to the story, the bank filed suit in Clark County District Court earlier this week. The suit claims that the HOAs are pursuing more than the statutory nine-months worth of assessments allowable under state law, and instead are filing liens that include payment of attorney's fees and collection costs. These extra costs can really add up.