AZ foreclosure bill clears committee, but in radically reduced form
HB 2402, that would have made HOAs wait 3 years to foreclose and also require that the foreclosure sale be for fair market value, passed out of the Senate Government Committee today, but in a form that leaves its proponent unhappy. I hear from several people that the committee was set to vote a clear "no" on the bill, so a deal was struck that removed the three-year waiting period and fair market value provision, along with other language. What is left? No foreclosure for fines generated from rules violations. A massive disappointment for the bill's proponents, but on the other hand banning foreclosure for fines is something they certainly wanted, so it's a net gain on the reform front. The industry people, such as the CAI folks who strongly opposed the bill, can live with what passed and I hear they are ecstatic over the outcome.