House Bill No. [insert bill number] proposes revisions to the Unit Ownership Act, specifically addressing the amendment of the percentage of undivided interest in common elements among unit owners. The bill stipulates that each unit owner must be entitled to an undivided interest in the common elements as expressed in the declaration, with the percentage reflecting the value of the unit relative to the combined value of all units. Notably, the bill allows for the alteration of this percentage if 75% of all unit owners agree, a change from the previous requirement that all unit owners must consent.

The bill amends Section 70-23-403 of the Montana Code Annotated (MCA) by replacing the term "shall" with "must" to emphasize the entitlement of unit owners and changing "shall" to "may" regarding the alteration of percentages. Additionally, it specifies that the agreement to amend the percentage must come from 75% of unit owners, rather than all, thereby facilitating a more flexible approach to managing common elements in unit ownership.

Statutes affected:
LC Text: 70-23-403
HB0362_1(1): 70-23-403
HB0362_1(2): 70-23-403
HB0362_1(3): 70-23-403
HB0362_1(4): 70-23-403
HB0362_1(5): 70-23-403
HB0362_1: 70-23-403