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 clarifies the laws governing common interest communities and homeowners associations.

Key amendments to the Minnesota Statutes include the introduction of a requirement for plain-language explanations in disclosure statements provided to potential buyers, ensuring they understand their rights and responsibilities. Additionally, unit owners must provide specific documents, such as bylaws and a resale disclosure certificate, before any purchase agreement is executed. The association is required to furnish the resale disclosure certificate within ten days of a request. The effective date for these changes is set for August 1, 2026, and the guide must be made publicly available online by July 30, 2026, at no cost.

Statutes affected:
Introduction: 515B.4