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Senate Bill 0126


 

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Senate Bill 0126

ARCHIVE (2013)

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DIGEST OF SB 126 (Updated March 26, 2013 2:49 pm - DI 84)

Homeowners association covenants. Provides that if all the lots included as part of certain homeowners associations are not all subject to the same homeowners association covenants, all the lots may be made subject to new replacement covenants if the homeowners association: (1) distributes to the owner of each lot a proposed set of covenants that would apply to all lots included as part of the homeowners association and a petition to be signed by each lot owner on which the owner indicates whether the owner approves or disapproves of applying the proposed covenants to all lots included as part of the homeowners association; and (2) submits the petitions and covenants to the county recorder if the lesser of: (A) a percentage of lot owners specified in the covenants; or (B) 2/3 of all lot owners; approve of applying the covenants to all lots included as part of the homeowners association. Specifies that homeowners association covenants submitted to a county recorder in accordance with these procedures are considered to be in effect on the date they are recorded. Provides that a replacement covenant does not apply to and is not binding on certain properties in the homeowner's association to the extent that the new replacement covenant changes an existing covenant or adds a new covenant that pertains to a minimum lot area or minimum home size. Specifies that a replacement covenant does not apply retroactively.
    Current Status:
     Law Enacted
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