The proposed bill establishes the Uniform Common Interest Ownership Act, which provides a comprehensive framework for the creation and management of common interest communities, cooperatives, and planned communities. It outlines processes for adopting governing instruments, managing common elements, and the organization of unit owners associations. Key provisions include the establishment of definitions for terms related to common interest communities, rules regarding separate titles and taxation of units, and the compensation process for unit owners in cases of eminent domain. The bill also emphasizes that the rights conferred by the act cannot be waived or varied by agreement, ensuring robust legal protections for unit owners.

Additionally, the bill introduces several amendments to existing laws, including the clarification of transfer fee covenants, homeowners' association restrictions, and exemptions to subdivision review. It specifies that transfer fee covenants do not run with the title to real property and are not enforceable against subsequent owners. The bill also allows municipalities to self-approve certain land divisions without subdivision review, streamlining the regulatory process. Overall, the legislation aims to enhance governance, transparency, and consumer protection within common interest communities while ensuring compliance with applicable laws and regulations.

Statutes affected:
LC Text: 15-8-111, 15-8-511, 35-2-525, 70-17-212, 70-17-901, 70-20-501, 76-2-305, 76-3-203, 76-4-111, 76-4-127, 76-25-402