AB 2273 – 2ND CALL TO ACTION – Support For the Financial Health of HOAs and Owners Who Live in Them.

THE BANKERS ARE FIGHTING AB 2273 See the post from last week about AB 2273. Remember that the bill addresses is the difficulty in finding out who owns a home in an HOA after a foreclosure sale. HOAs depend on each owner paying assessments. Many owners, when they stop paying their mortgage, also stop paying the association fees. When their properties go to foreclosure, someone else becomes responsible from the date of the sale forward. Often it is the lender or bank. In many cases no one records the sale...

Posted on Apr 26, 2012 in Collections, Financial, HOA Assessments

Success on AB 2273 – The Bill that Will Require Notice To HOA of Owner After Lender Foreclosure

I wrote an earlier post seeking support for AB 2273, a bill sponsored by CLAC to assist homeowner associations in determining who the owner is of a property after a lender foreclosure sale. That is important to assist the HOAs and Condos in knowing who to bill for assessments. Well, the support paid off. Here is a message DIRECTLY from CLAC: ********** GREAT NEWS!!!! This morning, the Assembly Housing & Community Development Committee, on a unanimous bipartisan vote of 7-0, passed AB 2273 which...

Posted on Apr 20, 2012 in Association Issues, Collections

AB 2273 – Support For the Financial Health of HOAs and Owners Who Live in Them.

I attended the CLAC Day in the Capitol last weekend and it was a real eye-opener. I have been a member of CLAC for many years and every time I go to this annual CA Day in the Capitol, I am thankful for CLAC and the work the nonprofit is doing for California HOAs and homeowners who live in them. CLAC is the Community Associations Institute (a national homeowners association industry group) – California Legislative Action Committee (CLAC). This year the focus is on foreclosure – there are lots of...

Posted on Apr 14, 2012 in Association Issues, Financial, General Legal Issues

FIDELITY BONDING IN CONDOs – WHAT IS ACTUALLY REQUIRED?

I guess it’s time to do a blog on fidelity bonds and the questions that commonly arise. I am getting signs from the Universe! I was at an ECHO luncheon the other day for the East Bay Resource Panel (which I “Chair”) and the topic was insurance, insurance, insurance. The subject of fidelity bond insurance came up. We had quite a discussion on fidelity bonds. The same week, I got a question through the California Condo Guru website on the topic of fidelity bonds. That’s enough to make it a hot...

Posted on May 1, 2012

Can an HOA Draft Their Own...

Lots of times I get asked if the association can save money on the amendment and restatement of governing documents if they do some of the work themselves. Sometimes they ask for “boilerplate” documents. I don’t believe a board or committee is capable of drafting a good set of documents and I do not believe boilerplate documents serve an association well. Why? As to the question about doing the work...

Posted on May 1, 2012

Who Can Do The Visual Insp...

Sometimes I hear from people in other states. Here is one of those – the question sent is: “Section 1365 of the Davis-Stirling Act requires that a diligent visual inspection of the accessible areas of major common area components be made one every three years. In Washington state, it states the initial reserve study must be based upon a visual site inspection conducted by a reserve study...

Posted on May 1, 2012