Important Lien Law Changes in 2011

Tuesday, November 8, 2011 | posted by Mindy Knudsen 6:04 PM

Read about HB 104 and its effects on the fee limits that can be charged to lien payoffs.

     “HB 104 is the result of a several-year discussion and compromise between the LAC and the title industry. Spearheaded by Curt Webb, a Utah legislator and the owner of a title company, the title industry has for a long time sought a legislative solution to the problem of obtaining payoffs on community association liens. In short, it is sometimes very difficult to figure out who to ask for payoff information and to actually get that information in a timely fashion.
     Community associations managed professionally or properly self-managed are not the source of the problem. They generally are easily identified and keep good records. The real problem arises from smaller associations that are not professionally managed. Title companies are sometimes left to knock on doors or cold-call owners to try to find out who is on the board and who might be able to provide some information on assessments.
     In response to this problem and as part of a larger compromise involving UCIOA Light and a fairly dramatic increase in the priority of Association liens, HB 104 was born.”

Click here for the full article

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