Bill Title: Amends the Condominium Property Act. Provides that notwithstanding any provision in any condominium instrument or bylaw, a condominium association must not: impair or restrict a condominium unit owner from securing a reverse mortgage, so long as the reverse mortgage does not adversely affect the rights of an association to collect an assessment; prevent, impair, or restrict a unit owner from borrowing money on the unit by refusing to cooperate with a lender or any federal program; or levy a fee to process or to close on a reverse mortgage or other similar financing transaction.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [SB3407 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Ira Silverstein [D]	Primary	Sponsored Bills	SD-008	FollowTheMoney	Ballotpedia	VoteSmart

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