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MO HB1218

Bill

Status

Passed

6/10/2014

Primary Sponsor

Tony Dugger

Click for details

Origin

House of Representatives

2014 Regular Session

AI Summary

  • Establishes that condominium associations have a lien on units for unpaid assessments and fines from the time they become due, enforceable like a mortgage or power of sale.

  • Defines lien priority hierarchy, including exceptions for pre-declaration liens, purchase money mortgages recorded before August 28, 2014, and mortgages/deeds of trust recorded before assessments become due.

  • Grants associations limited priority over mortgages/deeds of trust for common expense assessments up to six months of delinquent amounts, but only in judicial foreclosure proceedings.

  • Allows associations to recover costs and reasonable attorneys' fees in collection actions; permits associations to demand rent payments from tenants when unit owners are delinquent more than 60 days on assessments.

  • Requires associations to provide recordable statements of unpaid assessments within ten business days of written request and clarifies that assessment liens must be enforced within three years.

Legislative Description

Specifies the order of preference of liens and encumbrances on a unit owners of a leasehold condominium

Last Action

Delivered to Secretary of State (G)

6/10/2014

Committee Referrals

Rules2/19/2014
Financial Institutions1/9/2014

Full Bill Text

No bill text available