Substitute House Bill No. 7068 establishes new provisions allowing a group of unit owners, representing at least 10% of a common interest community association, to petition the Superior Court for an independent audit of the association's financial records. This petition requires the group to certify a good-faith belief in the need for an audit, present a signed opinion from a certified public accountant indicating evidence of financial fraud or misuse of funds, hold at least 10% of proxies from unit owners, and confirm that no audit has been conducted in the previous twelve months. The costs of the audit will be the responsibility of the petitioning unit owners.

The bill also revises disclosure requirements for sellers of residential properties in common interest communities, mandating that they provide a special statement advising buyers to obtain a resale certificate for properties in communities with more than 12 units. For smaller communities, sellers must recommend consulting with professionals and residents regarding ownership issues. Additionally, it specifies records that must be retained by common interest communities, such as financial records and meeting minutes, while clarifying exemptions from audit for personal records and unredacted voting materials. The effective date for these changes is set for October 1, 2025, aiming to enhance transparency and inform prospective buyers about community regulations and conditions.