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Nevada HOA Law Update - Understanding the Super-Priority Lien

Don't miss out on the latest issues impacting the Super-Priority Lien.

For more than three years Nevada's residential real estate market and court systems have been entangled in high-profile litigation regarding a provision of Nevada law giving homeowners' associations a super-priority lien. Factors contributing to this conflict include expansive growth in Nevada's residential real estate market, the subsequent economic recession, and ambiguous governing laws. This issue continues to significantly impact lenders, mortgage servicers, real estate investors, homeowners' associations, homeowners, and Nevada residents, among others. Currently, there are estimated to be 1,500 active cases in all levels of the state and federal court systems. Receive an overview of this complex and hotly contested litigation, its impact upon the numerous stakeholders, the ultimate legal issues involved, and what a final resolution might look like.

Runtime: 98 minutes
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Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview and History of Nevada's HOA Super-Priority Lien

  • The Uniform Common Interest Ownership Act (UCIOA)
  • Nevada Revised Statute (NRS) 116.316 et seq.

Litigation Ensues

  • What Brought About This Litigation
  • Early Claims and Theories
  • Nevada Supreme Court Decision in SFR v. U.S. Bank
  • Constitutional Arguments

Senate Bill (SB) 306 Revises NRS 116.3116 et seq. and Mandates Notice to Lenders

  • Overview of SB 306
  • Result and Impact of SB 306

Federal Housing Finance Agency's Involvement in Nevada's Super-Priority Lien Litigation

  • Why Is the FHFA Involved?
  • Housing and Economic Recovery Act (HERA)
  • Success and Status of HERA Litigation

What's Ahead in This Litigation?

  • Recent Nevada Supreme Court Decisions
  • Ninth Circuit Appeals

Homeowners' and Condominium Associations

  • Drafting CC&Rs
  • Bylaws/Rules and Regulations/Articles
  • Operating Budgets
  • Monthly Dues and Assessments

Public Policy Concerns, How Does This Impact Nevada?

  • Potentially Limit Residential Real Estate Lending
  • Increase Interest Rates and Fees, and Limit Qualified Borrowers
  • Slow the Real Estate Market and Limit Ability for Citizens to Buy and Sell Homes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on April 27, 2016.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Robin E. Perkins

Robin E. Perkins

Snell & Wilmer L.L.P.

  • Attorney with Snell & Wilmer L.L.P.
  • Practices primarily in business and commercial litigations, with an emphasis in financial services litigation
  • Frequent speaker on HOA issues and has written numerous publications
  • Named a Mountain State Super Lawyer
  • J.D. degree, Texas Tech University School of Law; B.S. degree, magna cum laude, New York University
  • Can be contacted at 702-784-5200 or [email protected]
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 397195
Published 2016
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