SB 1080 Summary

• Reduces the delinquency period required before a homeowners' association can foreclose on a unit for unpaid assessments from one year (or $1,200) to six months.

• Applies the shortened foreclosure timeline to both condominiums (Section 33-1256) and planned communities (Section 33-1807).

• Maintains that association liens for assessments remain superior to other liens except for pre-declaration liens, first mortgages, and real estate tax liens.

• Preserves the requirement that associations must provide written assessment statements within 10 days of request and that failure to provide timely statements to escrow agents extinguishes unpaid assessment liens.