(a) A property owners’ association composed of more than 14 lots shall adopt reasonable guidelines to establish an alternative payment schedule by which an owner may make partial payments to the property owners’ association for delinquent regular or special assessments or any other amount owed to the association without accruing additional monetary penalties. For purposes of this section, monetary penalties do not include reasonable costs associated with administering the payment plan or interest.
(b) The minimum term for a payment plan offered by a property owners’ association is three months.

(c) A property owners’ association is not required to allow a payment plan for any amount that extends more than 18 months from the date of the owner’s request for a payment plan. The association is not required to enter into a payment plan with an owner who failed to honor the terms of a previous payment plan during the two years following the owner’s default under the previous payment plan. The association is not required to make a payment plan available to an owner after the period for cure described by § 209.0064(b)(3) expires. The association is not required to allow an owner to enter into a payment plan more than once in any 12-month period.
(d) A property owners’ association shall file the association’s guidelines under this section in the real property records of each county in which the subdivision is located.
(e) A property owners’ association’s failure to file as required by this section the association’s guidelines in the real property records of each county in which the subdivision is located does not prohibit a property owner from receiving an alternative payment schedule by which the owner may make partial payments to the property owners’ association for delinquent regular or special assessments or any other amount owed to the association without accruing additional monetary penalties, as defined by Subsection (a).