Concerning the Washington uniform common interest ownership act (Pedersen, Rivers, Mullet)

Establishes the Washington uniform common interest ownership act.

EFFECT OF CHANGES MADE BY 1ST SUBSTITUTE (Financial Institutions & Insurance Committee)
(1) Establishes a process and minimum voting requirements for an existing common interest community to elect to be governed by the newly created Washington Uniform Common Interest Ownership Act. (2) Restricts the amount of an association’s attorneys’ fees that may be recovered during a foreclosure to the lesser of the amount of assessments for the past six months or $2,000. (3) Requires a 60-day notification to a holder of a security interest that an owner of a unit is in default in payment of an assessment. (4) Removes guidance regarding how an association may apply sums paid by unit owners who are delinquent in paying assessments. (5) Clarifies that a cause of action for breach of warranty quality accrues the later of the date the unit was conveyed to the purchaser or the date any portion of the unit was completed. (6) Corrects internal references and makes technical and clarifying changes.

Hearing Date: Thursday, February 15, 2018 -- 1:30 pm

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