SB 143-COMMON INTEREST COMMUNITIES; LIENS                                                                        
                                                                                                                                
8:06:19 AM                                                                                                                    
                                                                                                                                
CO-CHAIR  SCHRAGE  announced that  the  first  order of  business                                                               
would  be SENATE  BILL NO.  143, "An  Act relating  to horizontal                                                               
property regimes  and common  interest communities;  and relating                                                               
to mortgages, deeds of trust, and other property liens."                                                                        
                                                                                                                                
8:06:39 AM                                                                                                                    
                                                                                                                                
CO-CHAIR HANNAN addressed  a concern expressed by  a testifier at                                                               
the prior  hearing on SB  143, wherein the testifier  thought the                                                               
proposed  legislation  would  make  it  more  challenging  for  a                                                               
property  owner  to  be  represented.     She  posited  that  the                                                               
circumstance described by the testifier  already exists under the                                                               
law and  would not be  a result of SB  143, which she  said would                                                               
bring all  condo associations  to equal  standing under  law; all                                                               
would have  the benefit of  the same notification  and protection                                                               
by ensuring  that "the condo  association debt that  is otherwise                                                               
shared by the  other property owners has protective  claim."  She                                                               
indicated that [the testifier] had  referenced the Alaska Housing                                                               
Finance Corporation  (AHFC) as  being an asset  to that,  and she                                                               
noted that  the committee had  not received a formal  letter from                                                               
AHFC because that entity does  not take positions on legislation.                                                               
Notwithstanding  that, she  said, "I  feel pretty  confident that                                                               
they're good  with that, that  this helps make sure  that there's                                                               
an avenue  to protect the  collective homeowners - not  an easier                                                               
way  to  foreclose, but  a  protection  for  those who  are  left                                                               
behind."                                                                                                                        
                                                                                                                                
8:08:39 AM                                                                                                                    
                                                                                                                                
REPRESENTATIVE MCCABE  offered his  interpretation of SB  143 was                                                               
that it  would actually fix  that which concerned  the testifier.                                                               
He indicated  his support  for SB 143,  stating that  "the banks'                                                               
response  to HOAs  [homeowners associations]  has been  a problem                                                               
for a number of years."                                                                                                         
                                                                                                                                
8:09:05 AM                                                                                                                    
                                                                                                                                
CO-CHAIR  HANNAN moved  to report  SB 143  out of  committee with                                                               
individual  recommendations and  the  accompanying fiscal  notes.                                                               
There being  no objection, SB 143  was reported out of  the House                                                               
Community and Regional Affairs Standing Committee.