Establishes a procedure for constituent homeowners to dissolve a common interest community in New Jersey.

This bill establishes a procedure for constituent homeowners to dissolve their common interest community. Homeowners can dissolve the community if a two-thirds majority vote affirms a compliant plan for dissolution, submitted to the executive board following a petition signed by at least 25 percent of the association members. The executive board must hold a vote on the plan within 60 days of the petition's submission and give notice to each member. If the board fails to hold a meeting or vote, a member may submit a compliant plan to the Commissioner of Community Affairs after 240 days.

Establishes a procedure for constituent homeowners to dissolve a common interest community in New Jersey.

This bill establishes a procedure for constituent homeowners to dissolve their common interest community. Homeowners can dissolve the community if a two-thirds majority vote affirms a compliant plan for dissolution, submitted to the executive board following a petition signed by at least 25 percent of the association members. The executive board must hold a vote on the plan within 60 days of the petition's submission and give notice to each member. If the board fails to hold a meeting or vote, a member may submit a compliant plan to the Commissioner of Community Affairs after 240 days.