This bill amends the Minnesota Common Interest Ownership Act to enhance the governance and operational clarity of common interest communities (CICs), including condominiums, cooperatives, and planned communities. Key provisions include the introduction of new definitions, such as "development party" and "flexible common interest community," which clarify the roles of stakeholders. The bill specifies that condominiums created on or after August 1, 2026, must utilize a CIC plat that consists solely of either registered or unregistered land, and it outlines the requirements for recording declarations and amendments. Additionally, it mandates that associations provide written notice to unit owners before initiating litigation related to construction defect claims, ensuring transparency and accountability.

The bill also revises disclosure requirements for declarants, requiring them to deliver a current disclosure statement that includes initial maintenance plans and budgets. It establishes that purchasers have the right to cancel a purchase agreement if they do not receive a disclosure statement at least ten days prior to execution. Furthermore, the bill clarifies the responsibilities of associations regarding maintenance, insurance, and financial management, including the preparation of a written preventative maintenance plan. Overall, these amendments aim to protect the rights of purchasers, enhance financial accountability, and ensure that the legal framework governing common interest communities remains relevant and effective.

Statutes affected:
Introduction: 515B.1, 515B.2, 515B.3, 515B.4