Cancellation of Contract by Electronic Transmission
SB255, introduced today by Senator Mo Denis, is the bill we have been working on with the Nevada Land Title Association.
Existing law requires a purchaser of a property in an HOA to hand-deliver or mail to the owner a notice of cancellation of the contract of purchase. This bill would authorize the purchaser to deliver a notice of cancellation by electronic transmission.
NVAR supports this bill. It has not yet been scheduled for a hearing.
Property Tax Cap Calculations
AB43, introduced on behalf of the Nevada Association of Counties, would create a floor when calculating the property tax cap put into place in 2005 (commonly refered to as the 3% and 8% caps).
Under current law, the owner-occupied cap (3%) cannot be greater than the commercial and non-owner occupied cap (8%). What most people do not realize is that those caps can further be affected by a little-known formula.
The way this "secondary" formula works (if you're really interested in that complicated mess, reply to this message, we will send it to you), the property tax cap could be 0%, even when property values are going up. This is problematic for local governments, as the revenue stream from property taxes no longer mirror increases in property values and becomes unpredictable.
As amended, AB43 would change this secondary formula to ensure that the lowest the cap can be is 3% instead of 0%. It is important to understand this is a cap, and if property values are increasing by less than 3%, your property taxes will go up by less than 3%. And if your property values are decreasing, your property taxes will still decrease, but at a maximum rate of 3% per year.
NVAR is monitoring this bill. It was heard by the Assembly Taxation Committee on March 9 and received significant support from the business community.
Insurance Companies' Ability to Gift Items
AB244 would allow insurance companies to give items and gifts not to exceed $100. The Division of Insurance previously issued Bulletin 10-005A restricting the giving of items to $20 and requiring that it be branded; this bill would increase the amount to $100.
While the bill as introduced did include title insurers, the Division of Insurance requested that they be removed, as the title insurance industry's inducements are addressed separately in the Division's Bulletin 14-009.
In action earlier today, the Assembly Commerce and Labor Committee chaired by Assemblywoman Irene Bustamante Adams, at the urging of the Lobbying Team, removed the provision involving title insurance. The bill now heads to the floor of the Assembly floor.
HOA Authorized to Abate Water or Sewage Leaks in Units
SB239, introduced by Senator Becky Harris, is an HOA bill. It would revise the definition of "exterior of the unit" for the purpose of determining the areas of a unit that may be maintainted by an HOA that enters the ground in accordance with existing law.
It would also set additional circumstances under which an HOA may, without trespassing, enter a unit that is located in a building that contains units divided by common walls, floors and ceilings:
- if the unit is vacant or in the foreclosure process (vacant or not), the HOA would be able to enter a unit to abate a water or sewage leak in the unit that is causing damage to the common elements or another unit and to remediate any mold damage resulting from the leak if, after notice and hearing, the unit's owner refuses or fails to do so.
- if, in the case of an emergency and after notice but before a hearing, three other conditions are met:
- the unit is vacant
- a water or seage leak in the unit is causing damage to the common elements or another unit
- the owner refuses or fails to abate the water or sewage leak and remediate any mold damage within the time specified in the notice
NVAR supports this measure. It has not yet been scheduled for a hearing.
2017 SESSION BY THE NUMBERS
The 79th Session of the Nevada Legislature began on February 6, 2017, and will adjourn sine die on June 6, 2017.
|# of BDRs
|# of Senate Bills
|# of Assembly Bills
|Bills Tracked by NVAR
||Bill Introductions by Legislators
||Bill Introductions by Committees
||First House Committee Passage
||First House Passage
||Second House Committee Passage
||Second House Passage
In this issue:
2017 Major Investors
Investment completed as of March 9, 2017. Pledges listed for those who have invested at least $300 as of the above date.
Platinum R ($10,000+)
Jack Woodcock (pledge)
Golden R ($5,000+)
Heidi Kasama (pledge)
Keith Lynam (pledge)
Crystal R ($2,500+)
Sterling R ($1,000+)
Forrest Barbee (pledge)
Lee Barrett (pledge)
Chris Bishop (pledge)
Soozi Jones-Walker (pledge)
Dave Tina, Jr.
Cherie Williams (pledge)
Association Corporate Investors
NVAR - Platinum R
RSAR - Crystal R
SNAR - Crystal R
IVBOR - Sterling R
ECAR - Sterling R
For more information, please contact:
Contact Government Affairs Directors