The proposed bill would amend current statutes regarding construction defects in condominiums by reducing the statute of limitations for initiating actions or arbitration based on contract from eight years to four years for both property owners and municipalities. It would also modify the time frame for bringing actions related to injuries to real property, changing it from one year to two years after the injury or discovery of a latent defect, and shortening the maximum time for such actions from nine years to six years after substantial completion. Additionally, the bill would eliminate a provision concerning specific time frames for claims related to improvements completed before September 15, 1989. Moreover, the bill introduces new procedural requirements for condominium unit owners' associations before pursuing legal action regarding construction defects. These requirements include obtaining a two-thirds majority vote from unit owners, conducting a professional inspection to identify defects, and providing detailed written notices to unit owners and developers about the proposed actions, including potential costs and risks. The bill aims to enhance transparency and ensure that unit owners are well-informed about the implications of pursuing legal claims related to construction defects.

Statutes affected:
Introduced Version: 12-552, 33-1242.01, 12-505