§ 20-409. Adjustments to assessment surcharges

   (a) Surcharges less than payment. -- If the aggregate amount of assessment surcharges received by an Association member during a surcharge year is less than that Association member's assessment payment, the Association member's assessment surcharge authorized under § 20-406 of this subtitle shall be increased accordingly for the next appropriate surcharge year.

(b) Surcharges greater than payment. -- If the aggregate amount of assessment surcharges received by an Association member during a recoupment year exceeds the Association member's assessment payment, the Association member shall deposit the excess in the Insufficiency Assessment Reserve Fund as provided in § 20-410 of this subtitle and shall receive a credit for the amount deposited against the next appropriate assessment imposed under this subtitle.

(c) Surcharge excess or shortfall. -- The Association may adjust the annual assessment allocation percentage for an Association member to reflect any surcharge excess or shortfall for the previous applicable surcharge year.

HISTORY: An. Code 1957, art. 48A, § 243M; 1996, ch. 11.