The General Assembly finally heard the hue and cry from us about lenders abuse of associations in the foreclosure process. Unfortunately this new statute does not fully end the abuse. The key word in the title above is “occur”. The first benefit of the new law is that Lenders must now give associations notice at least 60 days in advance of initiating foreclosure. How does this help us?
I understand that at this time all associations are required to have a complaint procedure in place in order for their members to be able to let the CIC Board know of issues they have with their association. I also know that the Annual Report form requires an Association to state whether or not it has a complaint procedure. What is the consequence if an association fails to comply after getting the DPOR’s letter about non-compliance when they have checked “no” on the Annual Report?