House Bill 2646

(McAsey) does three things to resolve the Act's ambiguity that allows condominium associations to recoup income lost during the lengthy foreclosure of a condominium unit. (1) Clarifies that this Act applies to a purchase at judicial foreclosure sale (other than by a mortgagee) and a purchase from a mortgagee that acquired title through a judicial foreclosure, a consent foreclosure, a common-law strict foreclosure, or the delivery of a deed in lieu of foreclosure. (2) Clarifies and caps the total amount the purchaser may be liable for—no more than the unit's unpaid regular monthly assessments for the nine-month period immediately preceding the judicial foreclosure. This cap includes attorney’s fees and costs incurred by the association during this nine-month period because of the nonpayment of these assessments. (3) Requires that the amount of this unpaid obligation must be included in certain notices in the Mortgage Foreclosure Article and the Condominium Property Act. On second reading in the House.