SB 341

Abstract

Common interest communities; foreclosure remedy. Prohibits certain bills to enforce a lien from being entertained if the real estate is the judgment debtor's primary residence and the judgment is for assessments levied by certain common interest community associations if the amount secured by one or more judgments exclusive of interest and costs does not exceed $5,000. The bill also requires such common interest community associations to maintain individual assessment account records. Finally, the bill requires such associations to maintain records of any recorded lien during the effective duration of such lien. As introduced, the bill was a recommendation of the Virginia Housing Commission. This bill is identical to HB 880.

Common interest communities; foreclosure remedy. Prohibits certain bills to enforce a lien from being entertainedif the real estate is the judgment debtor's primary residence andthe judgment is for assessments levied by certain common interestcommunity associations if the amount secured by one or more judgmentsexclusive of interest and costs does not exceed $5,000. The billalso requires such common interest community associations to maintainindividual assessment account records and restricts access to suchrecords to the unit owner of the property subject to such assessments,the governing body of the association, the management agent, if thereis one, and any legal counsel for such association. Finally, the bill requires such associations to maintain records of any recorded lienduring the effective duration of such lien. This bill is a recommendationof the Virginia Housing Commission.