HB 449 Condo. & Prop. Own. Assn. Acts; unit sold in nonjud. forecl. procd. shall be sold subj. prior lien.
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:
Senate amendments
Senate amendments engrossed

Status:
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)