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2004 SESSION
HB 449 Condo. & Prop. Own. Assn. Acts; unit sold in nonjud. forecl. procd. shall be sold subj. prior lien.
Introduced by: Michele B. McQuigg | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Condominium Act and Property Owners' Association Acts; nonjudicial foreclosure. Clarifies that a unit or lot sold in a nonjudicial foreclosure proceeding shall be sold subject to prior liens. The bill reverses the Supreme Court holding in Wachovia vs. Colchester Towne, which required lienholders to be paid by the sale proceeds. The bill clarifies that these associations have the authority to serve as a unit owner's or a lot owner's statutory agent and may transfer title to the unit or lot to the purchaser at the foreclosure sale. The bill also (i) extends from 24 to 36 months the time for initiating foreclosure proceedings to enforce a lien; (ii) adds additional notice requirements to the owner of the unit or lot; (iii) provides for the appointment of a trustee to conduct the sale; (iv) allows the association to bid on the unit or lot; (v) clarifies that foreclosure sale expenses include the association's advertising costs and reasonable attorneys' fees; and (vi) requires the association to prepare an accounting to show the distribution of the sale proceeds. The bill contains technical amendments and is identical to Senate Bill 463.
FULL TEXT
- 01/14/04 House: Presented & ordered printed, prefiled 01/13/04 041746412 pdf
- 02/06/04 House: Committee substitute printed 041776412-H1 pdf
- 03/15/04 House: Bill text as passed House and Senate (HB449ER) pdf
- 04/21/04 Governor: Acts of Assembly Chapter text (CHAP0786) pdf
AMENDMENTS
HISTORY
- 01/14/04 House: Presented & ordered printed, prefiled 01/13/04 041746412
- 01/14/04 House: Referred to Committee on General Laws
- 01/19/04 House: Assigned to General Laws sub-committee: 1
- 02/05/04 House: Reported from General Laws with sub (22-Y 0-N)
- 02/06/04 House: Committee substitute printed 041776412-H1
- 02/09/04 House: Read first time
- 02/10/04 House: Read second time
- 02/10/04 House: Committee substitute agreed to 041776412-H1
- 02/10/04 House: Engrossed by House - committee substitute HB449H1
- 02/11/04 House: Read third time and passed House BLOCK VOTE (100-Y 0-N)
- 02/11/04 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 02/11/04 House: Communicated to Senate
- 02/12/04 Senate: Constitutional reading dispensed
- 02/12/04 Senate: Referred to Committee on General Laws
- 02/18/04 Senate: Reported from General Laws with amds (14-Y 0-N)
- 02/20/04 Senate: Constitutional reading dispensed (36-Y 0-N 1-A)
- 02/20/04 Senate: VOTE: CONST. RDG. DISPENSED R (36-Y 0-N 1-A)
- 02/23/04 Senate: Read third time
- 02/23/04 Senate: Reading of amendments waived
- 02/23/04 Senate: Committee amendments agreed to
- 02/23/04 Senate: Engrossed by Senate as amended
- 02/23/04 Senate: Passed Senate with amendments (39-Y 0-N)
- 02/23/04 Senate: VOTE: PASSAGE R (39-Y 0-N)
- 02/23/04 Senate: Rec. of Sen. passage agreed to by Senate (39-Y 0-N)
- 02/23/04 Senate: VOTE: RECONSIDER R (39-Y 0-N)
- 02/23/04 Senate: Passed by for the day
- 02/24/04 Senate: Read third time
- 02/24/04 Senate: Passed Senate with amendments (38-Y 0-N)
- 02/24/04 Senate: VOTE: PASSAGE R (38-Y 0-N)
- 02/25/04 House: Placed on Calendar
- 02/26/04 House: Passed by for the day
- 02/27/04 House: Senate amendments agreed to by House (99-Y 1-N)
- 02/27/04 House: VOTE: ADOPTION (99-Y 1-N)
- 03/15/04 House: Bill text as passed House and Senate (HB449ER)
- 03/15/04 House: Enrolled
- 03/16/04 House: Signed by Speaker
- 03/16/04 Senate: Signed by President
- 04/14/04 Governor: Approved by Governor-Chapter 786 (effective 7/1/04)
- 04/21/04 Governor: Acts of Assembly Chapter text (CHAP0786)