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Bill

A 3470

Relates to notice to be provided prior to a foreclosure action by a homeowners' association

2025 Regular Session Introduced by Charles Lavine and 1 co-sponsor

Bill A 3470 requires homeowners' associations to notify homeowners 30 days before foreclosure, ensuring they understand their rights and can address issues in time.

SIGNED CHAP.433
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Bill Summary · A 3470

Summary of Bill A 3470

Bill Information

  • Bill Number: A 3470
  • Title: Relates to notice to be provided prior to a foreclosure action by a homeowners' association
  • Status: SIGNED CHAP. 433
  • Introduced: January 27, 2025

Purpose and Intent

Bill A 3470 aims to establish clearer requirements for homeowners' associations (HOAs) regarding the notice they must provide to homeowners before initiating foreclosure actions. The intent is to enhance transparency and ensure that homeowners are adequately informed about potential foreclosure proceedings, thereby allowing them an opportunity to address any outstanding issues before legal actions are taken.

Key Provisions

  • Notice Requirement: The bill mandates that HOAs must provide a written notice to homeowners at least 30 days prior to initiating foreclosure proceedings. This notice must include:

    • The amount owed.
    • A description of the homeowner's rights.
    • Information on how to remedy the default.

  • Delivery Method: The notice must be delivered via certified mail to ensure that homeowners receive it and have a record of the communication.

  • Content Specifications: The bill outlines specific content that must be included in the notice to ensure that homeowners fully understand the implications of the foreclosure action.

Impact

  • Homeowners: The primary beneficiaries of this bill are homeowners who are members of HOAs. By requiring advance notice, the bill provides them with an opportunity to resolve their debts or disputes before facing foreclosure.

  • Homeowners' Associations: HOAs will need to adjust their procedures to comply with the new notice requirements. This may involve additional administrative work to ensure proper notification and documentation.

  • Legal and Financial Implications: The bill may reduce the number of foreclosure actions initiated by HOAs, as homeowners will have a clearer understanding of their obligations and rights, potentially leading to more negotiated settlements.

Procedural Timeline

  • January 27, 2025: Bill introduced and referred to the Judiciary Committee.
  • May 21, 2025: Passed in the Assembly and delivered to the Senate.
  • June 6, 2025: Passed in the Senate and returned to the Assembly.
  • October 9, 2025: Delivered to the Governor.
  • October 16, 2025: Signed into law as Chapter 433.

Related Bills

  • A 9780: A related bill from the prior session.
  • S 7413: The companion bill in the Senate.

This summary provides an overview of Bill A 3470, highlighting its purpose, key provisions, and the impact it is expected to have on homeowners and homeowners' associations. The bill represents a significant step toward improving communication and transparency in foreclosure processes initiated by HOAs.

Compiled from official sources — confirm details with the bill’s official record.

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