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:

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GREAT NEWS!!!!

This morning, the Assembly Housing & Community Development Committee, on a unanimous bipartisan vote of 7-0, passed AB
2273
which CAI-CLAC amended to require recordation of foreclosure sales within 30 days after sale.

Our author, Assembly Member Bob Wieckowski, a bankruptcy attorney, has a complete grasp of the multiple issues that this bill triggers, which greatly assists us in dealing with the escalating opposition from the lending community, trustees, land-title companies, and others.

CAI’s Legislative Advocate for 18 years, Skip Daum, orchestrated the campaign to get the bill passed and he gives great credit to more than 550 persons who wrote letters in the last five days to the Housing Committee in support of the bill.

“It proves the value of a hand written signature when emails and phone calls get lost or uncounted.  It’s also very gratifying to have such individual support behind me when I meet with legislators and see piles of these letters on their desks. This was a very successful TEAM effort!  It was also very impactful to have dozens of our attendees at our recent “Legislative Day at the Capitol” walk the halls and make personal contact with the Assembly Members” Daum said.

Testifying in support with CAI today is the bill’s co-sponsor, the Conference of California Bar Associations, as well as the Congress of California Seniors, and the California Association of Realtors.  The California Association of Community Managers has indicated that it will also support the bill.

If passed, the bill would enable HOAs to know who the new owner of a home is that has been foreclosed, in most cases the lender.  This information will enable HOAs to immediately begin invoicing for assessments instead of requiring the shortfall in revenue to be borne by the remaining owners, or defer maintenance, etc.

What’s next?  More work!  There will be top level meetings among the stakeholders very soon as the bill now passes to the Assembly Judiciary Committee for another hearing as early as next week.  Amendments were accepted today that do not water down the measure but add clarity.  As amended, the bill will be analyzed by the attorneys in the Judiciary Committee.

“We cannot rest on this victory.  The opponents are very active now.  The next hearing will be very difficult for us so please standby for my next alert.  Again, my thanks to all who helped!”

Respectfully,

“TEAM CAI-CLAC”

Community Associations Institute -CaliforniaLegislative Action Committee

http://www.CAIcalif.org

http://www.facebook.com/CAICalif

 

 

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