This bill proposes several updates to the Arizona Revised Statutes concerning condominiums and planned communities. Key changes include the amendment of the declaration during the period of declarant control, which will now require compliance with applicable laws and correction of errors without adversely affecting unit owners' rights. The bill also introduces new provisions for the board of directors, mandating the development of an annual operating budget post-declarant control, with specific requirements for budget ratification by unit owners if there is a significant increase in assessments. Additionally, the board must ensure prudent management of association funds, including oversight of contracts and financial reports.

The bill also establishes new requirements for the handling of surplus funds, allowing associations to apply these funds to long-term maintenance reserves with unit owner approval. It introduces stricter rules for special assessments and financing, requiring a higher threshold for ratification by unit owners. Furthermore, it clarifies the invalidity of assessments that do not comply with the new provisions. Overall, these updates aim to enhance transparency, accountability, and financial prudence within condominium and planned community associations.

Statutes affected:
Introduced Version: 33-1202, 33-1215, 33-1243, 33-1245, 33-1254, 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, 33-1250, 33-1248, 33-1258