SB 1428 Common interest communities; foreclosure remedy

About SB-1428

Common interest communities; foreclosure remedy. Prohibits a common interest community association from conducting a foreclosure sale on a lien for unpaid assessments totaling less than $5,000, excluding interest and attorney fees. Current law does not place a limit on the amount of assessments that must be unpaid before a common interest community association may conduct a foreclosure sale on a lien for any such unpaid assessments. The bill also limits interest charged on such unpaid assessments to an annual rate of six percent and prohibits any bill to enforce a lien from being entertained upon such property if the assessments are less than $5,000. Current law prohibits any bill to enforce a lien from being entertained if such real estate is the judgment debtor's primary residence unless the judgment exceeds $25,000.