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Consumer Data and HOA Liens

Proctor Loan Protector’s Compliance Team would like to call your attention to two compliance updates below:

Virginia Enacts Consumer Data Protection Act

Virginia has joined California by enacting HB2307, the Consumer Data Protection Act. This comprehensive piece of legislation applies to all persons conducting business in the state of Virginia who (1) control or process the personal data of at least 100,000 consumers or (2) derive over 50% of gross revenue from the sale of personal data and control or process the personal data of at least 25,000 consumers. The bill grants consumers the right to access, correct, delete, obtain a copy of personal data, and to opt out of the processing of personal data for the purposes of targeted advertising. The bill will be effective January 1, 2023.

Oregon Addresses HOA Liens

A recent Oregon case has provided guidance on how to treat liens held by condominium associations. Under Oregon Revised Statute Section 100.450, a condominium association is entitled to a lien against the individual unit for unpaid assessments. The lien has priority over all other liens except tax liens and first mortgages and deeds of trust. However, an association can obtain priority over the mortgage or deed of trust if, among other requirements:

  • The association gives the lender formal notice of the assessments; and
  • The lender fails to initiate judicial action to foreclose before 90 days.

The Oregon Supreme Court in Bank of New York Mellon Trust Co. v. Sulejmanagic ruled that the lender’s reinstatement of its previously dismissed foreclosure action after the 90-day notice period ran did not undo the HOA’s statutory award of priority because it did not make the dismissed foreclosure action “pending” during the 90-day notice period.