WhoA (Florida)
Posts: 1
Posts: 1
Posted:
A Not for Profit HOA to entice Association Membership to approve a Clubhouse expansion, entered into interest bearing 10 year, self liquidating consumer loans with 42% of the Association Membership. Two thirds of the Association Membership plurality approved the business transaction that occurred. The Association then pledged the Membership cash flow obligation to a bank to obtain a loan for renovation and new construction work.
Questions needing to be answered:
1) There are Federal Statutes (UCC Truth in Lending laws) which it is my belief must be complied with for the loans to have been made. Can anyone confirm this requirement by providing Statute/Section/page where I can find that there is a requirement to comply with Federal UCC statutes when a transaction as described is to take place.
2) There are State and Federal statutes as I can best recall that require a business entity even though permitted to make loans to obtain State licenses and qualify themselves as a qualified commercial lender if the funded loans exceed a defined amount of 100 loans during a specified time period (one year). Does anyone know where within the State of Florida I can come upon statute information which confirms that the act that the Association took was improper and by the failure by the Association to comply with commercial lending practices law, not only does each loan agreement entered into need to be cancelled but all monies collected need to be refunded including interst income collected.
3) Final question. When an Association voting event occurs and the Associaton solicits the execution of proxy delegations of authority by an Owner for the Board Secretary to vote on behalf of Owners who may not be physically able to attend a vote event, is it not required that the proxy delegated authority follow in the footsteps of other voting Owner Membership by appearing at the sign in registration event, produce evidence that the Owner on whose behalf they are casting a vote is in fact the Owner of a premise for which a vote is being cast, that the proxy holder must sign the voter registration sheet and only then can a proxy vote be tendered and thereafter counted.
I know the answers to each of my questions so I am seeking the written advice of a State of Florida licensed Attorney to respond with his opinion of advice so I can present a written legal opinion that wrongfull acts have occured and corrective measures must immediately be taken.
Appreciate and help that can be provided.
Questions needing to be answered:
1) There are Federal Statutes (UCC Truth in Lending laws) which it is my belief must be complied with for the loans to have been made. Can anyone confirm this requirement by providing Statute/Section/page where I can find that there is a requirement to comply with Federal UCC statutes when a transaction as described is to take place.
2) There are State and Federal statutes as I can best recall that require a business entity even though permitted to make loans to obtain State licenses and qualify themselves as a qualified commercial lender if the funded loans exceed a defined amount of 100 loans during a specified time period (one year). Does anyone know where within the State of Florida I can come upon statute information which confirms that the act that the Association took was improper and by the failure by the Association to comply with commercial lending practices law, not only does each loan agreement entered into need to be cancelled but all monies collected need to be refunded including interst income collected.
3) Final question. When an Association voting event occurs and the Associaton solicits the execution of proxy delegations of authority by an Owner for the Board Secretary to vote on behalf of Owners who may not be physically able to attend a vote event, is it not required that the proxy delegated authority follow in the footsteps of other voting Owner Membership by appearing at the sign in registration event, produce evidence that the Owner on whose behalf they are casting a vote is in fact the Owner of a premise for which a vote is being cast, that the proxy holder must sign the voter registration sheet and only then can a proxy vote be tendered and thereafter counted.
I know the answers to each of my questions so I am seeking the written advice of a State of Florida licensed Attorney to respond with his opinion of advice so I can present a written legal opinion that wrongfull acts have occured and corrective measures must immediately be taken.
Appreciate and help that can be provided.