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House Bill 1071


House Bill 1071

ARCHIVE (2009)

Latest Information

 

DIGEST OF HB 1071 (Updated April 29, 2009 11:08 pm - DI 69)


Homeowners associations and model home taxation. Applies the model home property tax assessed value deduction to 2008 assessments of model homes. Applies the following provisions to a homeowners association (association) established after June 30, 2009, and allows an association established before July 1, 2009, to elect to be governed by the provisions: (1) Requires an association to maintain a current roster of all members of the association (members). (2) Requires the board of directors of the association (board) to hold a special meeting of the members if at least 10% of the members submit a written demand to the board to hold the meeting. (3) Requires an association to prepare an annual budget that must be approved by the members or by the board under certain circumstances. (4) Prohibits a board from entering into certain contracts without the approval of the affected members. (5) Prohibits an association from borrowing certain amounts of money on behalf of the association unless borrowing the money is approved by the affirmative vote of a majority of the members. (6) Provides that the governing documents of an association must include grievance resolution procedures. (7) Prohibits an association from suspending the voting rights of a member for nonpayment of annual assessments unless the assessments are delinquent for more than six months. Provides also that an association may enforce an association lien by filing a complaint in the circuit or superior court of the county where the real estate that is the subject of the lien is located if the complaint is not filed: (1) earlier than one year; and (2) later than five years; after the date the statement and notice of intention to hold a lien were recorded. Provides that an association lien is void if: (1) the owner of the real estate subject to the lien or any person or corporation having an interest in the real estate, including a mortgagee or a lienholder, provides written notice to the owner or holder of the lien to file an action to foreclose the lien; and (2) the owner or holder of the lien fails to file an action to foreclose the lien in the county where the real estate is located within one year after the date the owner or holder of the lien received notice of the lien.
Current Status:
 Law Enacted
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