Attached is “GA HB 410” is the Georgia bill passed by the state legislature that sought to cap HOA payoff letter fees and provide a time frame for production of payoff letters. In Georgia, many HOAs are managed by management companies as opposed to resident volunteers, and the management companies charge a variety of types of fees at a variety of amounts that few people believe are reasonable. These exorbitant fees do not go to the association, but rather to the management company. The management companies spread misleading and erroneous information, and unfortunately the Georgia governor vetoed the bill.
The other three attachments all relate to a similar bill which was signed into law in Florida and took effect last year. One attachment is a summary (prepared by two of our firm’s Florida-based attorneys), another is a sample estoppel letter and the last is a copy of the bill. Should you have any questions about this, please contact Stuart Gordan.