The study committee's recommendations would provide more protections for homeowner by requiring that no liens lead to foreclosure unless assessments have gone unpaid for at least 90 days. Homeowners would also be allowed to pay late assessments in installments and must be mailed a copy of an offer to make the late payments.
Homeowners would be given more power to force homeowner association boards to meet openly and remove board members who fail to abide by the law or association bylaws. Associations financial records would also be open to review.
The catch is that state lawmakers can't force these rules down the throats of existing homeowners associations if current contracts and covenants call for something different. The regulations, if they become law, would only apply in total to new homeowners associations or those that agree to accept them.
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Read more about the state's pending "HOA reform lite" here.
3 comments:
There is absolutely no reason why the North Carolina state legislature could not force open meetings, open records, and open elections on ALL HOAs.
HOAs are corporations and "live" only in accordance with statute. There was never any vested property right in a statute including any right of secrecy of records or meetings or closed elections.
I was going to ask about the same thing. I always understood that HOA contracts were subject to the laws of the state, not vice versa. Didn't NC recently pass statutes requiring that HOAs allow American flags to be flown? If they can do that, why can't they also "force" other rules "down the throats of existing homeowners associations"?
At least someone is talking about this mess...
Article states:
"The study committee's recommendations would provide more protections for homeowner by requiring that no liens lead to foreclosure unless assessments have gone unpaid for at least 90 days. Homeowners would also be allowed to pay late assessments in installments and must be mailed a copy of an offer to make the late payments. "
Well...
WHO IS THERE, WHO IS GOING TO ATTEST TO THE FACT ANY OF THE CHARGES, ACCUSATIONS, ETC.,ARE LEGITIMATE, WERE/ARE NOT OUT OF DISCRIMINATION, RETALIATION, FRAUDULENT, AS SOME TYPE OF VENDETTA, OR OTHER ABUSE? FINANCIAL EXPLOITATION? "FRIENDS," WHO NEED WORK? REVENUE FUNDS DISAPPEARING?
NC GET REAL!
Thank you Dr. McKenzie.
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