2006 Code of Virginia § 55-79.73:1 - Amendment to bylaws; consent of mortgagee

55-79.73:1. Amendment to bylaws; consent of mortgagee.

A. In the event that any provision in the bylaws requires the written consentof a mortgagee in order to amend the bylaws, the association shall be deemedto have received the written consent of a mortgagee if the association sendsthe text of the proposed amendment by certified mail, return receiptrequested, to the mortgagee at the address supplied by such mortgagee in awritten request to the association to receive notice of proposed amendmentsto the bylaws and receives no written objection to the adoption of theamendment from the mortgagee within sixty days of the date that the notice ofamendment is sent by the association, unless the bylaws expressly provideotherwise. If the mortgagee has not supplied an address to the association,the association shall be deemed to have received the written consent of amortgagee if the association sends the text of the proposed amendment bycertified mail, return receipt requested, to the mortgagee at the addressfiled in the land records or with the local tax assessor's office, andreceives no written objection to the adoption of the amendment from themortgagee within sixty days of the date that the notice of amendment is sentby the association, unless the bylaws expressly provide otherwise.

B. Subsection A shall not apply to amendments which alter the priority of thelien of the mortgagee or which materially impair or affect the unit ascollateral or the right of the mortgagee to foreclose on a unit as collateral.

C. Where the bylaws are silent on the need for mortgagee consent, nomortgagee consent shall be required if the amendment to the bylaws does notspecifically affect mortgagee rights.

(1993, c. 1; 1998, c. 32.)