This bill amends the Condominium Act by changing the exemption criteria for certain condominium units. Specifically, it increases the maximum number of units that can be included in a condominium for the exemption from 10 to 50. The bill clarifies that this exemption does not apply to condominiums that involve time-sharing interests.

The effective date of this act is set for 60 days after its passage, allowing for a brief period for stakeholders to adjust to the new regulations. This change aims to provide more flexibility for condominium developments while maintaining specific restrictions related to time-sharing arrangements.

Statutes affected:
Introduced: 356-B:49
SB415 text: 356-B:49