The proposed bill, Substitute Bill No. 7068, aims to enhance the accountability and transparency of financial records within common interest communities. It allows a group of unit owners, representing at least ten percent of the association, to petition the Superior Court for an order to hire an independent third party to conduct an accounting of the association's financial records. To initiate this process, the group must provide a written certification of their good faith belief in the need for an accounting, obtain a signed opinion from a certified public accountant indicating potential financial fraud or misuse of funds, hold a minimum percentage of proxies, and ensure that no accounting has been completed in the past twelve months. The costs associated with this accounting will be borne by the petitioning group of unit owners.

Additionally, the bill revises the disclosure requirements for properties located in common interest communities. It repeals and replaces certain sections of the current law to include new inquiries regarding the property's history and potential claims, as well as the presence of any community dues or fees. Notably, it introduces a requirement for buyers of properties in larger common interest communities (more than twelve units) to obtain a "Resale Certificate" from the community, while also advising buyers of smaller communities on the importance of consulting professionals for information regarding ownership issues. The changes are set to take effect on October 1, 2025.