TimB4 (Tennessee)
Posts: 21,059
Posts: 21,059
Posted:
The language is from our attorney's newsletter but I provided links to the actual bills.
Effective July 1, 2013:
Home Business Per HB 2200: Except to the extent the declaration provides otherwise, an association cannot prohibit a lot owner from operating a home-based business within his personal residence
Late Fees Per HB 1595: Except to the extent that the governing documents or rules and regulations promulgated pursuant thereto provide otherwise, condominium associations and property owners associations may impose a late fee for any assessment or installment thereof that is not paid within 60 days of the due date for payment of such assessment. The bill states that the late fee imposed shall not exceed the penalty provided for in Section 58.1-3915 of the Virginia Code. Currently, Section 58.1-3915 of the Virginia Code provides for a maximum penalty of five percent. There is some concern that the courts will limit late fees to 5%, notwithstanding whether the recorded documents for the association provide for a higher late fee.
Notice Requirements HB 1711 amends Section 55-79.75 of the Condominium Act and Section 55-510 of the POA by requiring associations, in the event of the cancellation of any annual meeting at which members of the board of directors are elected, to include a statement that the meeting is scheduled for the express purpose of the election of directors in the seven-day notice of any subsequent meeting scheduled to elect such directors.
Disclosure Requirements Per HB 1807: An associationâs [POA and COA] disclosure packet for a purchaser must include a statement indicating any known project approvals currently in effect that have been issued by secondary mortgage market agencies.
Solar Panels Per HB 2305: An associationâs disclosure packet for a purchaser must include a statement setting forth any restriction, limitation, or prohibition on the right of an owner to install or use solar energy collection devices on the ownerâs property.
Became Effective March 20, 2013 [Condominiums Only]:
Declarant Control and Election of Warranty Committee Per HB 2275: This bill provides that the time limits may be extended for a period not to exceed 15 years from the settlement of the first unit to be sold in any portion of the condominium or after units to which three-fourths of the undivided interest in the common elements appertain have been conveyed, whichever occurs first. and that the warranty review committee shall have (i) the irrevocable power as attorney-in-fact on behalf of the association to assert or settle in the name of the association any claims involving the declarantâs warranty against structural defects with respect to all of the common elements, subject to the provisions of subdivision 3 and (ii) the authority to levy an additional assessment against all of the units in proportion to their respective undivided interests in the common elements pursuant to Section 55-79.83 if the committee determines that the assessments levied by the association are insufficient to enable the committee to reasonably perform its functions.
Effective July 1, 2013:
Home Business Per HB 2200: Except to the extent the declaration provides otherwise, an association cannot prohibit a lot owner from operating a home-based business within his personal residence
Late Fees Per HB 1595: Except to the extent that the governing documents or rules and regulations promulgated pursuant thereto provide otherwise, condominium associations and property owners associations may impose a late fee for any assessment or installment thereof that is not paid within 60 days of the due date for payment of such assessment. The bill states that the late fee imposed shall not exceed the penalty provided for in Section 58.1-3915 of the Virginia Code. Currently, Section 58.1-3915 of the Virginia Code provides for a maximum penalty of five percent. There is some concern that the courts will limit late fees to 5%, notwithstanding whether the recorded documents for the association provide for a higher late fee.
Notice Requirements HB 1711 amends Section 55-79.75 of the Condominium Act and Section 55-510 of the POA by requiring associations, in the event of the cancellation of any annual meeting at which members of the board of directors are elected, to include a statement that the meeting is scheduled for the express purpose of the election of directors in the seven-day notice of any subsequent meeting scheduled to elect such directors.
Disclosure Requirements Per HB 1807: An associationâs [POA and COA] disclosure packet for a purchaser must include a statement indicating any known project approvals currently in effect that have been issued by secondary mortgage market agencies.
Solar Panels Per HB 2305: An associationâs disclosure packet for a purchaser must include a statement setting forth any restriction, limitation, or prohibition on the right of an owner to install or use solar energy collection devices on the ownerâs property.
Became Effective March 20, 2013 [Condominiums Only]:
Declarant Control and Election of Warranty Committee Per HB 2275: This bill provides that the time limits may be extended for a period not to exceed 15 years from the settlement of the first unit to be sold in any portion of the condominium or after units to which three-fourths of the undivided interest in the common elements appertain have been conveyed, whichever occurs first. and that the warranty review committee shall have (i) the irrevocable power as attorney-in-fact on behalf of the association to assert or settle in the name of the association any claims involving the declarantâs warranty against structural defects with respect to all of the common elements, subject to the provisions of subdivision 3 and (ii) the authority to levy an additional assessment against all of the units in proportion to their respective undivided interests in the common elements pursuant to Section 55-79.83 if the committee determines that the assessments levied by the association are insufficient to enable the committee to reasonably perform its functions.