HI HB2557

Requires associations to offset any amounts owed to a unit owner against the assessment amount before conducting a power of sale foreclosure.

Restricts associations from conducting power of sale foreclosures under this section unless the assessment exceeds the total of any amounts the association owes to the unit owner.

Maintains existing notice requirements for foreclosure proceedings, including a 60-day cure period and statement of the unit owner's right to submit a payment plan within 30 days.

Applies only to proceedings and rights that arise after the bill's effective date, with no retroactive effect on prior foreclosures or penalties.

Takes effect upon approval.