HI SB508

Allows condominium associations to initiate or continue nonjudicial foreclosure actions even when a mortgagee has filed a judicial foreclosure action, exempting associations from the general stay on junior lienholder foreclosures.

Removes language that previously stayed the power of sale foreclosure process during pendency of circuit court foreclosure actions.

Preserves owner-occupants' rights to require foreclosing mortgagees to participate in dispute resolution procedures (Part V) when associations foreclose on residential properties with owner-occupant mortgagors and the mortgagee subsequently forecloses.

Clarifies that written notification of case opening under section 667-79 does not act as a stay on association foreclosure proceedings.

Effective upon approval.