Florida Senate - 2009                        COMMITTEE AMENDMENT
       Bill No. SB 998
       
       
       
       
       
       
                                Barcode 436860                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  04/01/2009           .                                
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       The Committee on Regulated Industries (Deutch) recommended the
       following:
       
    1         Senate Amendment 
    2  
    3         Delete lines 700 - 719
    4  and insert:
    5  3. If a first mortgagee or its successor or assignees has not
    6  acquired title to an owner-occupied parcel one year after a
    7  foreclosure action is filed, the first mortgagee or its
    8  successor or assignees shall pay to the association the lesser
    9  of the parcel’s unpaid common expenses and regular periodic
   10  assessments which accrued or came due during the immediately
   11  preceding 6 months or one percent of the original mortgage debt.
   12  The liability of the first mortgagee or its successor or
   13  assignees for all unpaid assessments when title to a parcel is
   14  acquired by foreclosure or by recorded deed in lieu of
   15  foreclosure is limited to the payment required under this
   16  subparagraph.
   17  The limitations on first mortgagee liability provided by this
   18  paragraph apply only if the first mortgagee filed suit against
   19  the parcel owner and initially joined the association as a
   20  defendant in the mortgagee foreclosure action. Joinder of the
   21  association is not required if, on the date the complaint is
   22  filed, the association was dissolved or did not maintain an
   23  office or agent for service of process at a location that was
   24  known to or reasonably discoverable by the mortgagee.
   25