Club Members and All Fellow Nevadans,
As you may or may not be aware the Las Vegas Investment Club was originally in large part formed because of its fight against the abuse of the HOA Collection Industry. I felt the abused of this industry were nothing short of racketeering. Harsh words yes however, that is my believe.
I led a lobby movement against what I felt was the heavy handed practices of HOA collection companies and I helped to stack CICC Meetings which was the governing body for these companies. I had many concerns with the impartialness of the governing body and pointed out to the commissioners specific conflicts of interest..
The Nevada Supreme Court on Thursday ruled over homeowner association dues in super-priority lien cases, finding that Nevada law does not allow the collection of costs and fees in addition to nine months of back-owed assessments. (ruling attached) The ruling is a major victory for investors, banks and others who acquired the foreclosed properties. It is a huge loss for homeowner’s associations, COLLECTION AGENCIES, and others who sought addition compensation in the super-priority lien process.
This ruling now gives clarity to more than 100 cases that are before the courts. It is also a step towards what we believe there will be new openings to help Nevada Homeowners in their struggles with collection and HOA fees.
I want to make special note of Attorney James Adams who has led this class action suit and countless other similar cases and in large part, through his efforts we have reached this successful milestone today and a day for all citizens of Nevada to celebrate. The fight that James endured was against the very deep pockets of a multitude of lawyers representing the other side.
I have asked James to speak at an upcoming event as this has a huge positive impact for everyone associated in the Real Estate Industry except of course those who the Supreme Court ruled against today. Stay posted as James has agreed and date to be determined!!