This bill amends the Condominium Act to prohibit condominium boards from imposing a special assessment for capital improvement that exceeds 5 percent of budgeted gross expenses without approval from the unit owners association. The bill adds new language that states no special assessments for capital expenditure improvements that exceed 5 percent of the budgeted gross expenses shall be allowed without approval of the unit owners association.

The bill will take effect 60 days after its passage.

Statutes affected:
Introduced: 356-B:52