HB5449 amends the Common Interest Community Association Act and the Condominium Property Act to enhance transparency and member rights.
HB5449 amends the Common Interest Community Association Act and the Condominium Property Act to require boards of directors to provide a website with meeting information and to transmit quarterly financial statements to members. It mandates that any fee increase over 10% must be approved by 75% of unit owners. The board must maintain detailed records and provide them for member review. The board is authorized to engage managers, impose fines, and make emergency repairs. The bill also outlines the board's duties, including financial management, insurance procurement, and member communication.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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