SB1372

Allows condominium associations to borrow funds for operating expenses and insurance premiums.

This bill addresses the financial challenges faced by condominium associations due to rising insurance premiums and other operating expenses. It allows associations to borrow money for repairs, maintenance, and operation of common elements, as well as to cover insurance premiums. The association must notify unit owners and obtain their consent before borrowing. The bill also outlines rules for applying payments made by unit owners, ensuring that common expenses are paid first.