|Chapter: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 |||Assessments and Assessment Collection|
|Article: 1 | 2 | 3 |||Assessment Collection|
|Section: 5700 | 5705 | 5710 | 5715 | 5720 | 5725 | 5730 | 5735 | 5740 ||
Section 5735 - Limitation on Assignment
(a) An association may not voluntarily assign or pledge the association's right to collect payments or assessments, or to enforce or foreclose a lien to a third party, except when the assignment or pledge is made to a financial institution or lender chartered or licensed under federal or state law, when acting within the scope of that charter or license, as security for a loan obtained by the association.
(b) Nothing in subdivision (a) restricts the right or ability of an association to assign any unpaid obligations of a former member to a third party for purposes of collection.
Prior Law: Old CID Section 1367.1(g)(1st)
Amended: Statutes of 2012, Chapter 180
Similar to: CI-CID Section 6826