Establishes oversight of condominium management committees and property management companies by the department of business regulation.

The bill establishes oversight of condominium management committees and property management companies by the department of business regulation. It mandates annual registration with the department, including details such as board member names, addresses, annual budgets, and pending litigation. Management committees and property management companies must exercise good faith and loyalty, refrain from commingling funds, and maintain accurate financial and operational records. Unit owners have the right to inspect and obtain copies of related records.

Establishes oversight of condominium management committees and property management companies by the department of business regulation.

The bill establishes oversight of condominium management committees and property management companies by the department of business regulation. It mandates annual registration with the department, including details such as board member names, addresses, annual budgets, and pending litigation. Management committees and property management companies must exercise good faith and loyalty, refrain from commingling funds, and maintain accurate financial and operational records. Unit owners have the right to inspect and obtain copies of related records.