Ability to Impose Fines

While I am not a lawyer, I interpret equity to mean ownership.

Daniel, "proceedings of law or in equity" is a commonly used phrase in Covenants. I think "in equity" may come from common law concept of encompassing ideals of fairness and/or equality. You may want to ask an attorney but I think it gives your HOA the right to establish a fine schedule within the Rules and Regulations. Establishing R&Rs should be allowed within your Covenants.

A little from the Wikipedia about Equity (Law): The most common civil remedy a Court of law can award is money damages. Equity, however, enters injunctions or decrees directing someone either to act or to forbear from acting. Often this form of relief is in practical terms more valuable to a litigant.

So my take on the matter is that you can sue someone for monetary damage or to cause them to or prevent them from taking a specific action. Another poster from Georgia spoke of issuing fines in her HOA so it's probably legal in your state. You should check with your Association's attorney as to whether you can do it under your current CC&R's or if you need to amend them. You say you're allowed to fine for "special assessments"; ours even before the legislature changed the law to allow fines allowed the Association to levy a SA against one unit to cure a violation.