HB484: relative to liens held by condominium associations on condominiums.

HB 484 – AS INTRODUCED

2007 SESSION

07-1062

05/04

HOUSE BILL 484

AN ACT relative to liens held by condominium associations on condominiums.

SPONSORS: Rep. Hutchinson, Rock 3

COMMITTEE: Commerce

ANALYSIS

This bill permits the condominium unit owners’ association to foreclose on a condominium unit against which it has a lien for unpaid assessments or fees.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

07-1062

05/04

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Seven

AN ACT relative to liens held by condominium associations on condominiums.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 New Paragraph; Lien for Assessments; Foreclosure. Amend RSA 356-B:46 by inserting after paragraph VII the following new paragraph:

VII-a. If a lien perfected under paragraph III has not been satisfied 3 years from the date of filing, the unit owners’ association may bring an action to foreclose on the condominium unit, subject to the mortgage of record and state and federal tax liens. The unit owner shall be notified by registered mail of the association’s desire to foreclose and notices shall be sent to all other lien holders. The procedures for foreclosure on mortgages of realty in RSA 479:22 through RSA 479:27-a shall apply to any action under this paragraph, and the unit owner shall have all rights afforded to him or her under such law.

2 Effective Date. This act shall take effect January 1, 2008.