SB433

SB433

Revises Provisions Governing Common-interest Communities. (BDR 10-1105)

AN ACT relating to property; authorizing the executive board of a unit-owners' association to make an assessment to fund certain repairs; requiring a structural inspection of certain buildings in a common-interest community; requiring an association to establish reserves for corrective repairs; requiring a study of reserves of an association to include an estimate of the costs of certain repairs; revising provisions governing the duty of the executive board to provide or make available to a unit's owner certain records; prohibiting certain persons within or associated with a common-interest community from committing certain acts; requiring a written report from a structural inspection of certain buildings in a common-interest community to be provided under certain circumstances; eliminating the authority of the Real Estate Division of the Department of Business and Industry to establish a program for rendering of certain disputes; authorizing the Commission for Common-Interest Communities and Condominium Hotels or a hearing panel to prohibit certain persons from serving on the executive board; revising certain provisions governing actions for constructional defects; providing penalties; and providing other matters properly relating thereto.

Sponsors

Legislative History

1. 2025-03-24

   Read first time. Referred to Committee on Judiciary. To printer.

2. 2025-03-26

   From printer. To committee.

3. 2025-04-12

   (Pursuant to Joint Standing Rule No. 14.3.1, no further action allowed.)

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Bill Text & Documents

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0000-00-00 · Introduced View source document ↗