On June 15, I blogged about the pending bills that would affect HOAs. There have been some decisions about Bill 165 and 183, while 373 is still in discussion.
House Bill 165, which states foreclosures of HOA liens may only be filed when the unpaid HOA assessments are at least 90 days past due, and only when the foreclosure is authorized by the HOA's board has passed, and will take effect on October 1st. The NC Real Estate Commission has been directed to develop a disclosure form to be provided by the seller to the buyer stating information about the HOA, descriptions of the services it provides, information on unpaid assessments owed on the lot, information on any unsatisfied judgments or pending suits, and any fees charged by the HOA or management company in connection with the sale of the lot.
House Bill 183, as proposed would have barred HOAs from using the foreclosure process to collect delinquent assessments. This would be detrimental to NC, so the legislature rewrote the bill to call for a legislative committee to study foreclosures by HOAs of liens for unpaid assessments.
No action has happened on the Senate Bill 373, known as the "Community Associations Managers Licensing Act," that would require professional community association managers be licensed by the state.
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