Limits increase in association dues for unit owners in planned real estate development to 10 percent under certain circumstances.

This bill restricts the executive board of an association of a planned real estate development from increasing association dues by more than 10 percent over a 12-month period. Exceptions include increases related to compliance with certain laws or those approved by the Commissioner of Community Affairs. The bill also outlines procedures for investigating and addressing violations, including potential penalties and relief for unit owners. The commissioner can grant exceptions after a hearing, and failure to act within 90 days automatically approves the requested increase.

Limits increase in association dues for unit owners in planned real estate development to 10 percent under certain circumstances.

This bill restricts the executive board of an association of a planned real estate development from increasing association dues by more than 10 percent over a 12-month period. Exceptions include increases related to compliance with certain laws or those approved by the Commissioner of Community Affairs. The bill also outlines procedures for investigating and addressing violations, including potential penalties and relief for unit owners. The commissioner can grant exceptions after a hearing, and failure to act within 90 days automatically approves the requested increase.