The proposed bill would amend current statutes regarding common expense liens in homeowners' associations (HOAs). Under the new law, the threshold for delinquency that allows an HOA to foreclose on a common expense lien would increase from $1,200 to $10,000. Additionally, the period of delinquency required for foreclosure would extend from one year to eighteen months. The bill also clarifies that the delinquent payment can include any assessment or portion of the assessment. Furthermore, the bill makes technical changes to the language of the statute, including the removal of the term assessments in favor of a broader definition of common expense. It also specifies that member expenses are not enforceable as common expense liens, but rather create a judgment lien that can only be enforced after a court judgment. The bill maintains the existing provisions regarding the extinguishment of common expense liens and the requirements for notifying members about their delinquent accounts.

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