Substitute House Bill No. 7068 establishes a process for unit owners in common interest community associations to petition the Superior Court for an independent audit of the association's financial records, provided that at least 10% of the unit owners support the petition. The petitioners must demonstrate a good-faith belief in the necessity of the audit, present a signed opinion from a certified public accountant indicating potential 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 past twelve months. The costs of the audit will be the responsibility of the petitioning group.

The bill also revises disclosure requirements for sellers of residential properties in common interest communities, mandating that sellers provide a statement on the residential condition report advising buyers to obtain a resale certificate if the community has more than twelve units. For smaller communities, sellers must recommend that buyers consult with professionals regarding ownership issues. Additionally, the bill specifies the records that common interest communities must retain, including financial records and meeting minutes, while clarifying which records are exempt from audit. The effective date for these changes is set for October 1, 2025, with the overall aim of enhancing transparency and accountability in the management of common interest communities.