The proposed bill seeks to amend various sections of Minnesota Statutes concerning common interest communities (CICs), focusing on enhancing governance, operational standards, and the rights of unit owners. Key changes include the introduction of a "meet and confer" process for dispute resolution, modifications to notice requirements for meetings, and limitations on late fees, fines, and attorney fees. The bill also clarifies the foreclosure process and specifies the applicability of the chapter to different types of CICs, including condominiums and planned communities, regardless of their creation date. Significant legal language changes include provisions that allow certain communities to opt into the new chapter and the establishment of a new effective date of January 1, 2026, for these amendments.

Additionally, the bill introduces new requirements for disclosure statements that must be provided to potential purchasers, ensuring they are informed about their rights and responsibilities, as well as the anticipated monthly common expense assessments. It also enhances the rights of unit owners by prohibiting retaliation from associations and establishing liability for damages in case of violations. The bill mandates mediation for construction defect claims before legal action can be initiated, with specific provisions for tolling the statute of limitations during this process. Overall, the amendments aim to improve transparency, accountability, and protection for unit owners within common interest communities in Minnesota.

Statutes affected:
Introduction: 515B.1, 515B.2, 515B.3, 515B.4, 394.25
1st Engrossment: 308C.003, 515B.1, 515B.2, 515B.3, 515B.4, 394.25
2nd Engrossment: 515B.1, 515B.2, 515B.3, 515B.4