SB 151 Summary

• Amends IC 32-25-5-2 regarding condominium unit conveyances and unpaid assessments, effective July 1, 2014.

• Requires condominium associations, managers, or boards of directors to provide grantees with a statement showing the amount of unpaid assessments against the grantor upon written request.

• Grantees may request the statement by submitting a written request to the association at either the grantor's last payment address or the association's registered address with the secretary of state.

• If the association fails to provide the statement within seven (7) business days of receiving the written request, the grantee is not liable for any unpaid assessments and the conveyed unit cannot be subject to a lien for those assessments.

• Limits grantee liability to unpaid assessments only in the amount stated in the association's statement, protecting buyers from unexpected assessment claims exceeding the disclosed amount.