SB 463 Condo. & Prop. Own. Assn. Acts; unit sold in a nonjudic. foreclo. proceed. sold subj. to prior lien.
Mary Margaret Whipple | all patrons    ...    notes
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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. The bill is identical to House Bill 449.

Full text:
01/14/04  Senate: Presented & ordered printed, prefiled 01/14/04 042784844  pdf
01/29/04  Senate: Committee substitute printed 042812844-S1  pdf
03/15/04  Senate: Bill text as passed Senate and House (SB463ER)  pdf
04/21/04  Governor: Acts of Assembly Chapter text (CHAP0778)  pdf

Amendments:
House amendments
House amendments engrossed

Status:
01/14/04  Senate: Presented & ordered printed, prefiled 01/14/04 042784844
01/14/04  Senate: Referred to Committee on General Laws
01/28/04  Senate: Reported from General Laws with sub (14-Y 0-N)
01/29/04  Senate: Committee substitute printed 042812844-S1
01/30/04  Senate: Constitutional reading dispensed (40-Y 0-N)
01/30/04  Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
02/02/04  Senate: Read second time
02/02/04  Senate: Reading of substitute waived
02/02/04  Senate: Committee substitute agreed to 042812844-S1
02/02/04  Senate: Engrossed by Senate - committee substitute SB463S1
02/03/04  Senate: Read third time and passed Senate (40-Y 0-N)
02/03/04  Senate: VOTE: PASSAGE R (40-Y 0-N)
02/03/04  Senate: Communicated to House
02/05/04  House: Placed on Calendar
02/05/04  House: Read first time
02/05/04  House: Referred to Committee on General Laws
02/19/04  House: Reported from General Laws with amds (22-Y 0-N)
02/23/04  House: Read second time
02/24/04  House: Read third time
02/24/04  House: Committee amendments agreed to
02/24/04  House: Engrossed by House as amended
02/24/04  House: Passed House with amendments BLOCK VOTE (97-Y 0-N)
02/24/04  House: VOTE: BLOCK VOTE PASSAGE (97-Y 0-N)
02/26/04  Senate: Passed by for the day
02/27/04  Senate: House amendments agreed to by Senate (39-Y 0-N)
02/27/04  Senate: VOTE: CONCUR HOUSE AMENDMENT (39-Y 0-N)
03/15/04  Senate: Bill text as passed Senate and House (SB463ER)
03/15/04  Senate: Enrolled
03/17/04  Senate: Signed by President
03/17/04  House: Signed by Speaker
04/14/04  Governor: Approved by Governor-Chapter 778 (effective 7/1/04)
04/21/04  Governor: Acts of Assembly Chapter text (CHAP0778)