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1997 SESSION

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HB 2565 Condominium and property owners' associations.

Introduced by: Frank W. Wagner (by request) | all patrons    ...    notes | add to my profiles

SUMMARY:

Property and conveyances; condominium and property owners' associations. Authorizes condominium and property owners' associations to employ nonjudicial foreclosures for nonpayment of assessments in addition to the lien-enforcement provisions already in the law. The bill sets out the procedure for the nonjudicial foreclosure sale of a condominium unit or a lot in a property owners' association which parallels nonjudicial foreclosure proceedings found in Title 55. The bill also provides for the amendment of the declaration in the Property Owners' Association Act (POAA) when consent of a mortgagee is required. This provision parallels the Condominium Act. The bill also provides that rights conferred in the POAA may not be waived or varied by agreement. Currently, the POAA allows waiver of rights if done in writing and in a separate document.


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