Owners' Rights and Obligations in Shared Ownership Communities Act.

The bill revises the manner in which information should be provided prospective purchasers through the Public Offering Statement, a document required to be provided to prospective purchasers by developers of shared ownership communities. The bill creates a commission in, but not of, the Department of Law and Public Safety, to serve as a State resource center, liaison and educational resource to owners and their shared ownership community associations, and to coordinate low cost, reliable alternative dispute resolution (ADR) services to these associations.

Owners' Rights and Obligations in Shared Ownership Communities Act.

The bill revises the manner in which information should be provided prospective purchasers through the Public Offering Statement, a document required to be provided to prospective purchasers by developers of shared ownership communities. The bill creates a commission in, but not of, the Department of Law and Public Safety, to serve as a State resource center, liaison and educational resource to owners and their shared ownership community associations, and to coordinate low cost, reliable alternative dispute resolution (ADR) services to these associations.