This bill proposes several updates to the Arizona Revised Statutes concerning condominiums and planned communities. Key changes include a redefinition of "Assessment" to clarify that it refers to the association's charges for anticipated common expenses based on approved budgets, rather than just periodic assessments against each unit. The bill also introduces new requirements for the board of directors to develop and ratify an annual operating budget, ensuring that any significant increases in assessments beyond the consumer price index must be approved by unit owners. Additionally, it mandates that any special assessments or financing must receive majority approval from unit owners before implementation.

Furthermore, the bill establishes stricter guidelines for the use of reserve accounts, requiring prior authorization from unit owners for expenditures not included in the declaration's authorized use. It also invalidates any actions or assessments if the association fails to comply with the new budgetary and assessment procedures. The bill aims to enhance transparency and accountability within condominium associations, ensuring that unit owners have a greater say in financial decisions that affect their community.

Statutes affected:
Introduced Version: 33-1202, 33-1215, 33-1243, 33-1245, 33-1802, 33-1803, 33-1241, 33-1246, 33-1217, 33-1255, 33-1212, 6-801, 33-741, 33-1242, 33-1219, 33-1216, 33-1218, 33-1226, 33-1256, 33-1248, 33-1250, 33-1258, 33-1801