Requiring, with regard to a residential property in a common ownership community that is in foreclosure and vacant, the secured party that files the action to foreclose on the residential property to pay specified regular assessments for common expenses starting 30 days after the action to foreclose is filed and until the property title is recorded by the new owner after the foreclosure sale; and making a secured party that fails to pay regular assessments under the Act subject to a fine of $500 per month of nonpayment.
Bill File Type: Regular
Effective Date(s): October 1, 2017
( 7-105.1, 7-114 )
Last Updated: 2/3/2020 2:35 PM