This bill proposes several updates to the Arizona Revised Statutes concerning condominiums and planned communities. It introduces new provisions that require the board of directors to provide detailed financial justifications and breakdowns for any proposed increases in regular assessments or vendor contracts, ensuring that vague statements do not suffice as adequate explanations. Specifically, the bill stipulates that the board must present a line-by-line budget detail, a year-over-year comparison of expenses, and a detailed breakdown of costs to unit owners before any approval of such increases. Additionally, it modifies the approval threshold for regular assessments from a simple majority to at least sixty-seven percent of the members.

The bill also makes various deletions and adjustments to existing language. It removes outdated references to monetary penalties and late payment charges, replacing them with clearer terms and limits, such as specifying that late payment charges cannot exceed $15 or ten percent of the unpaid amount. Furthermore, it clarifies the process for unit owners to respond to notices of property violations and ensures that associations cannot enforce violations without providing the required information. Overall, these changes aim to enhance transparency and accountability within condominium and planned community governance.

Statutes affected:
Introduced Version: 33-1242, 33-1803, 33-1252, 33-1212, 32-2199.01