The proposed bill amends several sections of the Arizona Revised Statutes related to condominiums and planned communities. Key changes include the adjustment of terminology, such as changing the reference from "subsection E" to "subsection F" in multiple instances, and clarifying the definition of "person" and "real estate" to include more specific legal entities and interests. Additionally, the bill introduces a requirement for the board of directors to obtain majority approval from unit owners for special assessments or financing that exceeds one year, which is a new stipulation not present in current law.

Furthermore, the bill mandates that within thirty days of adopting a proposed budget, the board must provide a summary to all unit owners, and the budget is ratified if a majority of those voting approve it, regardless of quorum. This contrasts with the current law, which allows for the continuation of the last ratified budget if the new one is not approved. The bill also specifies that any budget approved before the amendment's effective date is considered ratified, thereby streamlining the budget approval process for condominium associations.

Statutes affected:
Introduced Version: 33-1202, 33-1215, 33-1243, 33-1245, 33-1803, 33-1241, 33-1246, 33-1217, 33-1212, 6-801, 33-741, 33-1219, 33-1216, 33-1218, 33-1226, 33-1255, 33-1256, 33-1248, 33-1258