Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=hb3101%20intr.htm&yr=2013&sesstype=RS&i=3101
Timestamp: 2018-04-20 22:28:17
Document Index: 713441964

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(By Delegates Ferro, Reynolds, Storch and Walters)
A BILL to amend and reenact §36B-1-103, §36B-1-104, §36B-1-108, §36B-1-201, §36B-1-203 and §36B-1-204 of the Code of West Virginia, 1931, as amended; to amend said code by adding thereto three new sections, designated §36B-1-115, §36B-1-116 and §36B-1-208; to amend and reenact §36B-2-109, §36B-2-112, §36B-2-116, §36B-2-117 and §36B-2-119 of said code; to amend said code by adding thereto two new sections, designated §36B-2-123 and §36B-2-124; to amend and reenact §36B-3-102, §36B-3-103, §36B-3-105, §36B-3-106, §36B-3-108, §36B-3-110, §36B-3-112, §36B-3-116 and §36B-3-118 of said code; to amend said code by adding thereto five new sections, designated §36B-3-120, §36B-3-121, §36B-3-122, §36B-3-123 and §36B-3-124; and to amend and reenact §36B-4-103, §36B-4-109, §36B-4-112, §36B-4-116 and §36B-4-117 of said code, all relating to updating the Uniform Common Interest Ownership Act; and providing for applicability of the chapter.
That §36B-1-103, §36B-1-104, §36B-1-108, §36B-1-201, §36B-1-203 and §36B-1-204 of the Code of West Virginia, 1931, as amended, be amended and reenacted; that said code be amended by adding thereto three new sections, designated §36B-1-115, §36B-1-116 and §36B-1-208; that §36B-2-109, §36B-2-112, §36B-2-116, §36B-2-117 and §36B-2-119 of said code be amended and reenacted; that said code be amended by adding thereto two new sections, designated §36B-2-123 and §36B-2-124; that §36B-3-102, §36B-3-103, §36B-3-105, §36B-3-106, §36B-3-108, §36B-3-110, §36B-3-112, §36B-3-116 and §36B-3-118 of said code be amended and reenacted; that said code be amended by adding thereto five new sections, designated §36B-3-120, §36B-3-121, §36B-3-122, §36B-3-123 and §36B-3-124; and that §36B-4-103, §36B-4-109, §36B-4-112, §36B-4-116 and §36B-4-117 of said code be amended and reenacted, all to read as follows:
(1) "Affiliate of a declarant" means any person who controls, is controlled by, or is under common control with a declarant. For purposes of this definition: A person "controls" a declarant if the person: (i) Is a general partner, officer, director or employer of the declarant; (ii) directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, holds with power to vote, or holds proxies representing, more than twenty percent of the voting interest in the declarant; (iii) controls in any manner the election of a majority of the directors of the declarant; or (iv) has contributed more than twenty percent of the capital of the declarant. A person "is controlled by" a declarant if the declarant: (i) Is a general partner, officer, director or employer of the person; (ii) directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, holds with power to vote, or holds proxies representing, more than twenty percent of the voting interest in the person; (iii) controls in any manner the election of a majority of the directors of the person; or (iv) has contributed more than twenty percent of the capital of the person. Control does not exist if the powers described in this paragraph are held solely as security for an obligation and are not exercised.
(3) “Assessment” means the sum attribute to each unit and due to the association pursuant to section one hundred-fifteen, article three of this chapter.
(3) (4) "Association" or "unit owners' association" means the unit owners’ association organized under section one hundred one, article three of this chapter.
(4) (6) "Common elements" means: (i) In a condominium or cooperative, all portions of the common interest community other than the units; and (ii) in a planned community, any real estate within a planned community owned or leased by the association, other than a unit; and (iii) in all common interest communities, any other interests in real estate for the benefit of unit owners which are subject to te declaration.
(7) (9) "Common interest community" means real estate described to the declaration with respect to which a person, by virtue of his or her ownership of a unit, is obligated to pay for a share of real estate taxes, insurance premiums, maintenance, or improvement of, or service or other expenses related to, common elements, other units, or other real estate described in a the declaration: Provided, That any resort owner which, prior to the effective date of this article, began the development of a resort and imposed fees or assessments upon owners of real estate in the resort for maintenance and care of the roads, streets, alleys, sidewalks, parks, common areas and common facilities in and around the resort, for fire and police protection and for such other services as may be made available to owners of real estate, may also impose the same fees and assessments to be used for the same or similar purposes upon persons purchasing real estate in the resort after the effective date of this article without creating a common interest community.
The term does not include an arrangement described in sections two hundred-nine and two hundred-ten of this article. For purposes of this paragraph, "Ownership of a unit" does not include holding a leasehold interest of less than twenty years in a unit, including renewal options.
(9) (11) "Conversion building" means a building that at any time before creation of the common interest community was occupied wholly or partially by persons other than purchasers and persons who occupy with the consent of purchasers.
(12) (14) "Declarant" means any person or group of persons acting in concert who: (i) As part of a common promotional plan, offers to dispose of his or the interest of the person or group of persons in a unit not previously disposed of; or (ii) reserves or succeeds to any special declarant right.
(14) (16) "Development rights" means any right or combination of rights reserved by a declarant in the declaration to: (i) Add real estate to a common interest community; (ii) create units, common elements or limited common elements within a common interest community; (iii) subdivide units or convert units into common elements; or (iv) withdraw real estate from a common interest community.
(16) (18)"Executive board" means the body, regardless of name, designated in the declaration or bylaws to act on behalf of the association.
(25) (27) "Purchaser" means a person, other than a declarant or a dealer, who that by means of a voluntary transfer acquires a legal or equitable interest in a unit other than: (i) A leasehold interest (including renewal options) of less than twenty years; or (ii) as security for an obligation.
(29) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(31) “Rule” means a policy, guideline, restriction, procedure, or regulation of an association, however dominated, which is not set forth in the declaration or bylaws and which governs the conduct of persons or the use or appearance of property.
(28) (32) "Resort" means a destination location which consists of: (i) One or more persons offering recreational facilities and services such as skiing, golf, tennis or boating to the general public and commercial facilities such as retail stores, restaurants and hotels or other lodging accommodations; and (ii) at least one hundred residential units, a majority of which are used as vacation or second homes rather than primary residences.
(31) (35) "Special declarant rights" means rights reserved for the benefit of a declarant to: (i) Complete improvements indicated on plans and plans filed with the declaration (section one hundred nine, article two of this chapter) or, in a cooperative, to complete improvements described in the public offering statement pursuant to subdivision (2), subsection (a), section one hundred three, article four of this chapter; (ii) exercise any development right (section one hundred ten, article two of this chapter); (iii) maintain sales offices, management offices, signs advertising the common interest community, and models (section one hundred fifteen, article two of this chapter); (iv) use easements through the common elements for the purpose of making improvements within the common interest community or within real estate which may be added to the common interest community (section one hundred sixteen, article two of this chapter); (v) make the common interest community subject to a master association (section one hundred twenty, article two of this chapter); (vi) merge or consolidate a common interest community with another common interest community of the same form of ownership (section one hundred twenty-one, article two of this chapter); or (vii) appoint or remove any officer of the association or any master association or any executive board member during any period of declarant control (subsection (d), section one hundred three, article three of this chapter); (viii) control any construction, design review, or aesthetic standards committee or process; (ix) attend meetings of the unit owners and, except during an executive session, the executive board; or (x) have access to the records of the association to the same extent as a unit owner.
(34) (38) "Unit owner" means a declarant or other person who that owns a unit, or a lessee of a unit in a leasehold common interest community whose lease expires simultaneously with any lease, the expiration or termination of which will remove the unit from the common interest community, but does not include a person having an interest in a unit solely as security for an obligation. In a condominium or planned community, the declarant is the owner of any unit created by the declaration. In a cooperative, the declarant is treated as the owner of any unit to which allocated interests have been allocated (section one hundred seven, article two of this chapter) until that unit has been conveyed to another person.
Except as expressly provided in this chapter, provisions herein the effect of its provisions may not be varied by agreement, and rights conferred may not be waived. Except as otherwise provided in section two hundred seven of this article, a declarant may not act under a power of attorney, or use any other device, to evade the limitations or prohibitions of this chapter or the declaration.
§36B-1-115. Relation to Electronic Signatures in Global and National Commerce Act.
§36B-1-116. Severability.
Except as otherwise provided in sections 1-202 and 1-203, this chapter applies to all common interest communities created within this state after the effective date of this chapter. The provisions of chapter fifty-three, acts of the Legislature, 1963, chapter one hundred twenty-nine, acts of the Legislature, 1980, and chapter thirty-eight, acts of the Legislature, 1984, do not apply to common interest communities created after the effective date of this chapter. Amendments to this chapter apply to all common interest communities created after the effective date of this chapter or made subject to this chapter by amendment of the declaration of the common interest community, regardless of when the amendment to this chapter becomes effective.
(b) The exemption provided in subdivision (2), subsection (a) of this article applies only if:
(2) The declaration provides that the assessment may not be increased above the limitation in subdivision (2), subsection (a) of this article during the period of declarant control without the consent of all unit owners.
(c) If the exemption provided in subdivision (2), subsection (a) of this article was included in a declaration recorded prior to July 1, 2013:
(3) If the declarant no longer owns any unit, the declaration may be amended by sixty-seven percent of the units to allow the association to meet its actual financial needs, notwithstanding any provision in the declaration to the contrary. An amendment made in accordance with this subsection will not cause the community to be subject to any greater provisions of this chapter than set forth in subdivision (2), subsection (a) of this article.
(d) Any declarant electing the exemption provided in subdivision (2), subsection (a) of this article shall record with the declaration the predevelopment budget which is the basis for its subdivision (2), subsection (c) of this article determination of post-development annual average common expense liability.
(a) Except as provided in section 1-205, Same; exception for small preexisting cooperatives and planned communities, sections 1-105 (separate titles and taxation), 1-106 (Applicability of local ordinances, regulations and building codes), 1-107 (Eminent domain), 2-103 (Construction and validity of declaration and bylaws), 2-104 (Description of units), 2-121 (Merger or consolidation of common interest communities), 3-102(a)(1) through (6) and (11) through (16) (Powers of unit owners' association), 3-111 (Tort and contract liability), 3-116 (Lien for assessments), 3-118 (Association records), 4-109 (Resales of units), and 4-117 (Effect of violation on rights of action; attorney's fees), and section 1-103 (Definitions) to the extent necessary in construing any of those sections, apply to all common interest communities created in this state before the effective date of this chapter; but those sections apply only with respect to events and circumstances occurring after the effective date of this chapter and do not invalidate existing provisions of the declaration, bylaws or plats or plans of those common interest communities. Except for a cooperative or planned community described in section 1-205 (Same-Exception for small preexisting cooperatives and planned communities), or a nonresidential common interest community described in section 1-207, (Same; Exception for Small Preexisting Cooperatives and Planned Communities), the following apply to a common interest community created in this state before the effective date of this article:
(1) Section 1-105 (Separate Titles and Taxation);
(2) Section 1-106 (Applicability of Local Ordinances, Regulations, and Building Codes);
(3) Section 1-107 (Eminent Domain);
(4) Section 1-206 (Amendments to Governing Instruments);
(5) Section 2-102 (Unit Boundaries);
(6) Section 2-103 (Construction and Validity of Declaration and Bylaws);
(7) Section 2-104 (Description of Units);
(8) Section 2-117(h) and (i) (Amendments to Declaration);
(9) Section 2-121 (Merger or Consolidation of Common Interest Communities);
(10) Section 2-124 (Termination Following Catastrophe);
(11) Section 3-102(a)(1) through (6) and (11) through (16) (Powers of Unit Owners’ Association);
(12) Section 3-103 (Executive Board Members and Officers);
(13) Section 3-111 (Tort and Contract Liability);
(14) Section 3-116 (Lien for Assessments);
(15) Section 3-118 (Association Records);
(16) Section 3-124 (Litigation Involving Declarant);
(17) Section 4-109 (Resales of Units);
(18) Section 4-117 (Effect of Violation on Rights of Action; Attorney’s Fees); and
(19) Section 1-103 (Definitions) to the extent necessary to construe any of those sections.
(b) The sections described in subsection (a) apply only to events and circumstances occurring after the effective date of this chapter and do not invalidate existing provisions of the declaration, by laws, or plats or plans of those common interest communities.
(b) (c) The provisions of chapter one hundred fifty-three, Acts of the Legislature, 1063, chapter one hundred twenty-nine, Acts of the Legislature, 1980, or of chapter thirty-eight, Acts of the Legislature, 1984, do not apply to condominiums or other common interest communities created after the effective date of this chapter and do not invalidate any amendment to the declaration, rules, bylaws, plats and plans and code of regulations of any condominium or common interest community created before the effective date of this chapter if the amendment would be permitted by this chapter. The amendment must be adopted in conformity with the procedures and requirements specified by those instruments and by chapter one hundred fifty-three, Acts of the Legislature, 1963. If the amendment grants to any person any rights, powers or privileges permitted by this chapter, all correlative obligations, liabilities and restrictions in this chapter also apply to that person.
(c) (d) This chapter does not apply to condominiums or units located outside this state, but the public offering statement provisions, (sections 4-102 through 4-109) apply to all contracts for the disposition thereof signed in this state by any party unless exempt under section 4-101(b).
(d) (e) The provisions of this chapter shall apply to all condominiums or common interest communities to the extent such provisions conflict or are inconsistent with the provisions of chapter one hundred fifty-three, Acts of the Legislature, 1963: Provided, That the provisions of this chapter shall not modify, limit or nullify any rights, duties or obligations created or existing under any declaration, bylaws or plats or plans of condominiums created in this state before the effective date of this chapter.
§36B-1-208. Other Exemption Real Estates Arrangements.
(b) In a planned community, subject Subject to the provisions of sections 3-102(a)(6) and 3-112, the unit owners have an easement (i) in the common elements for purposes of access to their units. (ii) to use the common elements and all real estate that must become common elements (section 2-105(a)(6)) for all other purposes.
(c) Subject to the declaration and rules, the unit owners have a right to use the common elements that are not limited common elements and all real estate that must become common elements for the purposes for which they were intended.
(f) An amendment to the declaration may prohibit or materially restrict the permitted uses of or behavior in a unit or the number or other qualifications of persons who may occupy units only by vote or agreement of unit owners of units to which at least eighty percent of the votes in the association are allocated, unless the declaration specifies that a larger percentage of unit owners must vote or agree to that amendment or that such an amendment may be approved by unit owners of units having at least eighty percent of the votes of a specified group of units that would be affected by the amendment. An amendment approved under this subsection must provide reasonable protection for a use or occupancy permitted at the time the amendment was adopted.
(i) If any provision of this chapter, law, or of the declaration requires the consent of a holder of a security interest in a unit as a condition to the effectiveness of an amendment to the declaration, that consent is deemed granted if a refusal to consent in a record is not received by the association within sixty days after the association delivers notice of the proposed amendment to the holder at an address for notice provided by the holder or mails the notice to the holder by certified mail, return receipt requested, at that address. If the holder has not provided to the association an address for notice, the association shall provide notice to the address in the security interest of record. Notwithstanding this section, an amendment to the declaration that affects the priority of a holder’s security interest or the ability of that holder to foreclose its security interest may not be adopted without that holder’s consent in a record if the declaration requires that consent as a condition to the effectiveness of the amendment: Provided, That this subsection (i) shall not apply to amendments which: (A) Permit a unit previously restricted to residential occupancy to be utilized for nonresidential purposes; (B) increases the share of common expenses allocated to the unit in a manner disproportionate to the formula stated in the declaration pursuant to section one hundred eighteen of this article; (C) terminates the common interest community pursuant to section one hundred eighteen of this article; (D) transfers from the association to the unit, the duty to maintain and common element or limited common element previously performed by the association; or (E) the unit owner is contractually precluded from consenting to by the terms of a planned unit development rider in a recorded security instrument.
(i) A sufficient legal description of the unit and all portions of the master planned community in which any other units have been conveyed to a purchaser; and
(ii) All the information required by section 2-105(a)(3) through (14) with respect to that real estate.
(f) Limitations in this chapter on the addition of unspecified real estate-(section 2-122) do not apply to a master planned community.
(8) Acquire, hold, encumber, and convey in its own name any right, title, or interest to real estate or personal property, but: (i) Common elements in a condominium or planned community may be conveyed or subjected to a security interest only pursuant to section one hundred twelve of this article; and (ii) part of a cooperative may be conveyed, or all or part of a cooperative may be subjected to a security interest, only pursuant to section one hundred twelve of this article;
(18) Exercise any other powers necessary and proper for the governance and operation of the association;
(19) May require that disputes between the association and unit owners or between two or more unit owners regarding the common interest community be submitted to nonbinding alternative dispute resolution as a prerequisite to commencement of a judicial proceeding;
(20) May suspend any right or privilege of a unit owner that fails to pay an assessment, but may not:
(21) The association may, after notice, suspend a unit owner’s right to vote and/or right to seek election as a director or officer of the association for failure of the unit owner to pay assessments. The suspend rights to vote or seek election shall be immediately restored to the unit owner upon payment of all past due or delinquent assessment even if paid during a meeting or election.
(b) The declaration may not impose limitations on limit the power of the association beyond the limitions authorized in subsection (a)(18) to:
(a) Except as otherwise provided in the declaration, the bylaws, subsection (b), or other provisions of this chapter, the executive board may act in all instances acts on behalf of the association. In the performance of their duties, the officers and members of the executive board are required to exercise (i) if appointed by the declarant the care required of fiduciaries of the unit owners shall exercise the degree of care and loyalty to the association required of a trustee. and (ii) if elected by the unit owners, ordinary and reasonable care.
(b) Officers and members of the executive board not appointed by the declarant shall exercise the degree of care and loyalty to the association required of an officer or director of a corporation organized, and are subject to the conflict of interest rules governing directors and officers, under West Virginia Code Chapter 31E. The standards of care and loyalty described in this section apply regardless of the form in which the association is organized.
(b) (c) The executive board may not; act on behalf of the association:
(2) Amend the bylaws;
(3) to Terminate the common interest community (section 2-118);
(4) or to Elect members of the executive board but may fill vacancies in its membership for the unexpired portion of any term or, if earlier, until the next regularly scheduled election of executive board members; or
(5) Determine the qualifications, powers, and duties, or terms of office of executive board members (section 3-103(f). ), but the executive board may fill vacancies in its membership for the unexpired portion of any term.
(d) Subject to subsection (e), the declaration may provide for a period of declarant control of the association, during which a declarant, or persons designated by him the declarant may appoint and remove the officers and members of the executive board. A declarant may voluntarily surrender the right to appoint and remove officers and members of the executive board before the period ends. In that event, the declarant may require during the remainder of the period that specified actions of the association or executive board, as described in a recorded instrument executive by the declarant, be approved by the declarant before they become effective. Regardless of the period provided in the declaration, and except as provided in section 2-123(g) (Master Planned Communities), a period of declarant control terminates no later than the earlier earliest of:
(a) If entered into before Within two years after the executive board elected by the unit owners pursuant to ection 3-103(f) takes office, the association may terminate without penalty, upon not less than ninety days’ notice to the other party, any of the following if it was entered into before the executive board was elected:
(i) Any management, maintenance, operations, or contract, employment contract, or lease of recreational or parking areas or facilities; or
(ii) Any other contract or lease between the association and a declarant or an affiliate of a declarant.; or
(i) Any lease the termination of which would terminate the common interest community or reduce its size, unless the real estate subject to that lease was included in the common interest community for the purpose of avoiding the right of the association to terminate a lease under this section; or
(6) A method for amending the bylaws;
(7) Any provision necessary to satisfy requirements in this chapter or the declaration concerning meetings, voting, quorums, and other activities of the association; and
(8) Any matter required by law of this state other than this chapter to appear in the bylaws of organizations of the same type as the association.
(2) An association shall hold a special meeting of unit owners to address any matter affecting the common interest community or the association if its president, a majority of the executive board, or by unit owners having at least twenty percent, or any lower percentage specified in the bylaws, of the votes in the association request that the secretary call the meeting. Not less than ten nor more than sixty days in advance of any meeting, the secretary or other officer specified in the bylaws shall cause notice to be hand-delivered or sent prepaid If the association does not notify unit owners of a special meeting with thirty days after the requisite number or percentage of unit owners request the secretary to do so, the requesting members may directly notify all the unit owners of the meeting. Only matters described in the meeting notice required by paragraph (3) of this section may be considered at a special meeting.
(4) The minimum time to give notice required by subdivision (3) of this section may be reduced or waived for a meeting called to deal with an emergency.
(5) Unit owners must be given a reasonable opportunity at any meeting to comment regarding any matter affecting the common interest of the community or the association.
(6) The declaration or bylaws may allow for meetings of unit owners to be conducted by telephonic video, or other conferencing process, if the alternative process is consistent with subsection (b)(7) of this section.
(3) During the period of declarant control, the executive board shall meet at least four times a year. At least one of those meetings must be held at the common interest community or at a place convenient to the community. After termination of the period of declarant control, all executive board meetings must be at the common interest community or at a place convenient to the community unless the unit owners amend the bylaws to vary the location of those meetings.
(B) The process provides all unit owners the opportunity to hear or perceive the discussion and to comment as provided in subdivision (4) of this subsection.
(8) After termination of the period of declarant control, unit owners may amend the bylaws to vary the procedures for meetings described in subdivision (7) of this subsection.
(a) (2) If only one of several owners of a unit is present at a meeting of the association, that owner is entitled to cast all the votes allocated to that unit. If more than one of the owners are present, the votes allocated to that unit may be cast only in accordance with the agreement of a majority in interest of the owners, unless the declaration expressly provides otherwise. There is majority agreement if any one of the owners casts the votes allocated to that the unit without protest being made promptly to the person presiding over the meeting by any of the other owners of the unit.
(b) (1) Votes allocated to a unit may be cast pursuant to a directed or undirected proxy duly executed by a unit owner.
(5) A proxy terminates one year after its date, unless it specifies a shorter term is valid only for the meeting at which it is cast and any recessed session of that meeting.
(6) A person may not cast undirected proxies representing more than 15 percent of the votes in the association, unless the undirected proxies are for units under common ownership.
(c) (e) If the declaration requires that votes on specified matters affecting the common interest community be cast by lessees rather than unit owners of leased units:
(i) The provisions of subsections (a) and (b) apply This section applies to lessees as if they were unit owners that have leased their units to other persons may not cast votes on those specified matters;
(iii) Lessees are entitled to notice of meetings, access to records, and other rights respecting these matters as if they were unit owners.
(f) Unit owners must also be given notice in the manner provided in section 3-108, of all meetings at which lessees are entitled to vote.
(d) (g) No votes Votes allocated to a unit owned by the association may must be cast in any vote of the unit owners in the same proportion as the votes case on the matter by unit owners other than the association.
(g) Unless the declaration otherwise provides, a conveyance or encumbrance of common elements pursuant to this section does not affect the priority or validity of preexisting encumbrances if the holders of first security interests on eighty percent of the units that are subject to security interests on the day the unit owners’ agreement under subsection (c) is recorded consent in writing:
(b) A lien under this section is prior to all other liens and encumbrances on a unit except: (i) Liens and encumbrances recorded before the recordation of the declaration and, in a cooperative, liens and encumbrances which the association creates, assumes, or takes subject to; (ii) a first security interest on the unit recorded before the date on which the assessment sought to be enforced became delinquent, or, in a cooperative, the first security interest encumbering only the unit owner's interest and perfected before the date on which the assessment sought to be enforced became delinquent; and (iii) liens for real estate taxes and other governmental assessments or charges against the unit or cooperative. The lien is also prior to all security interests described in clause (ii) above to the extent of the common expense assessments based on the periodic budget adopted by the association pursuant to section 3-115(a) which would have become due in the absence of acceleration during the six months immediately preceding institution of an action to enforce the lien. This subsection does not affect the priority of mechanics' or materialmen's liens, or the priority of liens for other assessments made by the association. (The lien under this section is not subject to the provisions of (insert appropriate reference to state homestead, dower and curtesy, or other exemptions)).
(h) In a cooperative, upon nonpayment of an assessment on a unit, the unit owner may be evicted in the same manner as provided by law in the case of an unlawful holdover by a commercial tenant, and the lien may be foreclosed as provided by this section.
(i) For the purpose of facilitating requests to the association by trustees and judicially appointed commissioners, the association shall at all times record its notice address in either the office of the West Virginia Secretary of State, or in the office of the clerk of the county commission of each county in which the common interest community is located.
(a) Before adopting, amending or repealing any rule, the executive board shall give all unit owners notice of:
(ii) If a declarant fails to provide a public offering statement to a purchaser before conveying a unit, that purchaser may recover from the declarant ten percent of the sales price of the unit plus ten percent of the share, proportionate to his or her common expense liability, of any indebtedness of the association secured by security interests encumbering the common interest community: Provided, That purchaser is required to show that he or she has been actually damaged as a result of the failure to provide such offering statement and that his or her action to recover such damage and the penalty provided in this paragraph is instituted within three years from the date on which purchaser's right of action shall have accrued; and
(iii) If a purchaser receives the public offering statement more than fifteen days before signing a contract, he or she cannot cancel the contract;
(20) In a cooperative: (i) Whether the unit owners will be entitled, for federal, state and local income tax purposes, to a pass through of deductions for payments made by the association for real estate taxes and interest paid the holder of a security interest encumbering the cooperative; and (ii) a statement as to the effect on every unit owner if the association fails to pay real estate taxes or payments due the holder of a security interest encumbering the cooperative.
(b) (c) If a common interest community composed of not more than twelve units is not subject to any development rights right and no power is reserved to a declarant to make the common interest community part of a larger common interest community, group of common interest communities, or other real estate, a public offering statement may but need not include the information otherwise required by paragraphs subsection (a)(9), (10), (15), (16), (17), (18) and (19) of subsection (a) and the narrative descriptions of documents required by subsection (a)(4).
§36B-1-115, §36B-1-116, §36B-1-208, §36B-2-123, §36B-2-124, §36B-3-120, §36B-3-121, §36B-3-122, §36B-3-123 and §36B-3-124 are new; therefore, they have been completely underscored.
§36B-3-118 has been completely rewritten; therefore, it has been completely underscored.
This bill is recommended for passage in the 2013 Regular Session by the Commission on Interstate Cooperation.