8.04.3 Homeowners' Associations Payoffs

Homeowners' Association Payoffs. 

On May 7, 2011 a new law went into effect relating to a Homeowners' Association (HOA) providing a payoff to a title company.   UCA 57-8-6.3 Fee for Providing Payoff Information Needed at Closing, states the HOA may not charge a fee for providing the payoff information unless the fee is specifically authorized in the declaration or bylaws.  And if the declaration or bylaws provide for such a fee it cannot be collected in advance, such fee is to be paid at closing and cannot exceed $50.