The answer is no, because:
- It is not a credit Transaction; it is stipulated by the Act.
- The HOA is just recovering budgeted-for expenses it has to pay according to the Act.
- The HAO is no Credit Provider and the owner not a consumer.
- There is no “Agreement” between the 2 parties; it is a legal Agreement governed by the Act.
- Interest is paid in conjunction with the Act (Management Rule 31 (6); not as per agreement.