This bill establishes a limit on the increase of association dues for unit owners in planned real estate developments, capping such increases at 10 percent over a 12-month period, with specific exceptions. The bill defines "association dues" and outlines the responsibilities of the executive board, prohibiting them from raising dues beyond the specified limit without approval. It also provides mechanisms for unit owners to seek recourse if they believe the board has violated this provision, including the ability to request an investigation from the Director of the Division of Consumer Affairs, file a court action, or pursue alternative dispute resolution. If a violation is confirmed, the executive board or board members may face personal liability and penalties.

Additionally, the bill allows the executive board or board members to petition the Commissioner of Community Affairs for permission to exceed the 10 percent limit, with the stipulation that if the commissioner does not act within 90 days, the increase is automatically approved. The bill outlines exceptions to the 10 percent cap, including dues increases related to compliance with specific laws or those granted exemptions by the commissioner. The Commissioner of Community Affairs is tasked with adopting necessary rules and regulations to implement the bill, which will take effect four months after enactment.