If enacted, this bill would amend current statutes regarding common expense liens in homeowners' associations (HOAs). Specifically, it would increase the threshold for foreclosure from a delinquency of $1,200 to $10,000 and extend the period of delinquency required for foreclosure from one year to eighteen months. The bill also clarifies that the delinquent payment can include any assessment or portion of the assessment, rather than just assessments as previously stated.

Additionally, the bill makes technical changes to the language of the statute, including the removal of outdated terms and the insertion of new definitions. It maintains that member expenses are not enforceable as common expense liens, but establishes that an association can have a judgment lien for member expenses after a court judgment. The bill also specifies the requirements for notice to members regarding delinquency, ensuring that it is sent via certified mail and includes contact information for payment discussions.

Statutes affected:
Introduced Version: 33-1807
Senate Engrossed Version: 33-1807
House Engrossed Version: 33-1807