57-8-6.3. Fee for providing payoff information needed at closing

(1) Unless specifically authorized in the declaration, bylaws, or rules, an association of unit owners may not charge a fee for providing association payoff information needed in connection with the closing of a unit owner’s financing, refinancing, or sale of the owner’s unit.

(2) An association of unit owners may not:

(a) require a fee described in Subsection (1) that is authorized in the declaration, bylaws, or rules to be paid before closing; or

(b) charge the fee if it exceeds $50.

(3) (a) An association of unit owners that fails to provide information described in Subsection (1) within five business days after the closing agent requests the information may not enforce a lien against that unit for money due to the association at closing.

(b) A request under Subsection (3)(a) is not effective unless the request:

(i) is conveyed in writing to the primary contact person designated under Subsection 57-8-13.1(3)(d);

(ii) contains:

(A) the name, telephone number, and address of the person making the request; and

(B) the facsimile number or email address for delivery of the payoff information; and

(iii) is accompanied by a written consent for the release of the payoff information:

(A) identifying the person requesting the information as a person to whom the payoff information may be released; and

(B) signed and dated by an owner of the unit for which the payoff information is requested.

(4) This section applies to each association of unit owners, regardless of when the association of unit owners is formed.
Enacted by Chapter 255, 2011 General Session

 

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