The proposed bill would update current statutes related to the disclosure requirements for condominium unit owners' associations (COAs) and planned community associations (HOAs). It mandates that unit owners or members of a condominium or planned community with less than 50 units must electronically transmit or deliver a disclosure packet to a purchaser or their designated agent within 10 days after acceptance of the purchaser's offer. For those with 50 units or more, the COA or HOA must also electronically transmit or deliver the disclosure packet within the same timeframe after receiving a written notice of a pending purchase offer. The contents of the disclosure packet would be expanded to include current bylaws, rules, board-approved minutes from the previous three meetings, and a statement regarding whether the condominium or planned community is under declarant control, among other details. Additionally, the bill introduces new requirements for the dated statement in the disclosure packet, including the amount and payment schedule for assessments, any outstanding violations, and a statement regarding insurance coverage maintained by the COA or HOA. It also removes the ability for a COA or HOA to charge the disclosure packet fee to a purchaser and shifts the responsibility to provide ownership change information from the unit owner to the purchaser for specific conveyances. Overall, these updates aim to enhance transparency and ensure that potential buyers receive comprehensive and timely information about the properties they are considering.

Statutes affected:
Introduced Version: 33-440, 33-1260, 33-1802, 33-1803, 33-1806, 33-1202, 33-2202, 33-1256, 33-442, 33-1243, 33-1253, 32-2183, 32-2197.02, 32-2181.02, 11-1134, 33-1801, 32-2199.01
House Engrossed Version: 33-1260, 33-1806, 33-1256, 33-442, 33-1243, 33-1253, 32-2183, 32-2197.02, 32-2181.02, 11-1134
Senate Engrossed Version: 33-1260, 33-1806, 33-1256, 33-1243, 33-1253, 32-2183, 32-2197.02, 32-2181.02, 11-1134