State of Ohio HB 408 (Proposed)
February 17th, 2010
The Ohio Legislature has introduced
HB 408 which stipulates that a lien placed on a unit by the unit owners association is prior to any other liens except
real estate taxes and political subdivision assessments.
Summary of OH HB 408 (Proposed)
• The unit owners association has a lien upon the borrower’s interest for payment of any of the following expenses that are chargeable against the unit (and that remain unpaid for 10-days after becoming payable):
o The portion of the common expenses chargeable against the unit
o Interest, administrative late fees, enforcement assessments, and collection costs, legal fees
the association incurs that are authorized and that are chargeable against the unit.
• This lien is a continuing lien and is thus subject to automatic adjustments for additional costs and interest incurred.
• This lien is prior to any lien or encumbrance previously arising or created except liens for real estate taxes and assessments of political subdivisions.
To view the proposed Bill, please click here
About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 700 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.