The proposed bill amends sections 33-1242 and 33-1803 of the Arizona Revised Statutes, which pertain to condominiums and planned communities. The bill allows the board of a condominium or planned community to increase the annual assessment by no more than twenty percent over the previous year's assessment without a vote of the members, unless the governing documents require member approval or limit increases. If the governing documents allow for a higher percentage, the board may increase the assessment by that higher percentage. Additionally, the bill permits an increase in the annual assessment by more than twenty percent with the approval of sixty-seven percent of each class of members at a meeting called for that purpose.

The bill also updates the charges for late payment of assessments and penalties, setting the minimum charge at $15 or ten percent of the unpaid amount, whichever is greater. This replaces the previous minimum of fifteen dollars. The bill specifies that payments for unpaid assessments should first be applied to the principal amount and then to any accrued interest. It also outlines the process for enforcing penalties, including providing notice to the member and the option for the member to request an administrative hearing.

Statutes affected:
Introduced Version: 33-1242, 33-1803, 33-1252, 33-1212, 32-2199.01