The 2023 Legislative Session continues to move forward. April 10th marks the 64th day of the Legislative Session, putting us just over the halfway mark. Bills must be passed out of committee no later than April 14, 2023, to be considered by the full house. Bills must then be passed by the house of origin by May 19, 2023, to move on to the other chamber for consideration. The filed deadline to pass bills is June 5, 2023, which is the last day of the Legislative Session. Generally speaking, bills that do not meet these deadlines will not become law.
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In advance of the April 14, 2023 deadline, Senate Bills 378 has been proposed. SB378 would require that homeowners’ associations maintain a cybersecurity insurance policy that covers possible losses should there be a data breach. The nature and extent of insurance that would be required would depend on whether the association is working with a payment processor as well as the number of units within the community.
SB378 would further allow an association to suspend electronic payment through its portal once a homeowner’s account has been assigned to collections and would allow an association to limit communications to and from a homeowner to a single email address.
Should a home end up in a non-judicial association foreclosure, SB378 provided that an association may acquire the property for the amount of the unpaid assessments, otherwise know as a credit bid.
With this week’s deadline looming, we will continue to provide updates on the status of any legislation that has been proposed affecting Nevada homeowners’ associations. Should you have any questions regarding any pending legislation or other matters, please call Troy Isaacson at (702) 529-2559.