This bill amends the Condominium Act by expanding the exemption for offers or dispositions of interests in condominium units. Previously, the exemption applied only to condominiums with 10 or fewer units. The new legal language changes this threshold to 20 units, thereby allowing a greater number of condominium units to qualify for the exemption. However, it is important to note that this exemption does not apply to condominiums that involve time-sharing interests.

The bill also specifies that it will take effect 60 days after its passage. This change aims to provide more flexibility for condominium developers and owners by increasing the number of units that can be exempt from certain regulatory requirements under the Condominium Act.

Statutes affected:
Introduced: 356-B:49
As Amended by the Senate: 356-B:49
SB415 text: 356-B:49