Post by Admin on Jan 5, 2016 12:21:30 GMT -5
HB 7031, Relating to the Marketable Record Title Act (MRTA) has been filed by the House Civil Justice Subcommittee. Specifically, the bill provides that covenants and restrictions of homeowners’ associations will not expire because of MRTA. This will save HOAs thousands of dollars by not having to “preserve” their covenants and restrictions or “revitalize” them if they expire. At this time, there is no Senate companion bill and it remains to be seen whether the title industry will support the bill. CALL is in support of this bill and we will keep you updated on its progress.
Another bill of interest to HOAs, which some owners will like and others will not, is SB 1122 by Sen. Hays, Relating to Homeowners’ Associations. The primary emphasis of the bill is regulation of HOAs by the Department of Business and Professional Regulation. Among other things, it will: (1) require all homeowners’ associations (HOAs) to pay $2.00 per parcel to the Department; (2) require mandatory binding arbitration of certain HOA disputes, including covenant enforcement, assessments, and official records; (3) increase the penalties for willful failure to withhold official records; and (4) change the triggers related to when a developer must turn over control of the association to the parcel owners.
Another bill of interest to HOAs, which some owners will like and others will not, is SB 1122 by Sen. Hays, Relating to Homeowners’ Associations. The primary emphasis of the bill is regulation of HOAs by the Department of Business and Professional Regulation. Among other things, it will: (1) require all homeowners’ associations (HOAs) to pay $2.00 per parcel to the Department; (2) require mandatory binding arbitration of certain HOA disputes, including covenant enforcement, assessments, and official records; (3) increase the penalties for willful failure to withhold official records; and (4) change the triggers related to when a developer must turn over control of the association to the parcel owners.