This bill seeks to improve transparency and understanding for members of condominium and homeowners associations in Minnesota by requiring plain-language explanations of relevant laws and governing documents. It mandates that board members review these documents and assist unit owners upon request. The bill also appropriates $200,000 from the general fund to the Minnesota Homeownership Center for the creation of a guide that will clarify the laws governing common interest communities and homeowners associations.

Key amendments to the Minnesota Statutes include the addition of a requirement for plain-language explanations in disclosure statements provided to potential buyers, ensuring they have a clearer understanding of their rights and responsibilities. The bill also establishes that declarants must promptly amend disclosure statements to reflect any material changes and specifies that master associations must provide necessary information within ten days of a request. The effective date for these changes is set for August 1, 2026, and the guide created by the Minnesota Homeownership Center must be made available to the public at no cost by July 30, 2026.

Statutes affected:
Introduction: 515B.4