This bill mandates that board members of planned real estate development associations undergo a training program established by the Commissioner of Community Affairs. The training will require a minimum of three hours to be completed within 180 days of the member's term commencement. The program aims to equip board members with essential knowledge and skills, covering topics such as good business practices, legal requirements, budget creation, and record-keeping procedures. Additionally, the commissioner is granted the authority to remove any board member who fails to complete the required training.

The bill also stipulates that these training requirements will apply only to the first term of office for executive board members that begins after the bill's effective date. Furthermore, the commissioner is tasked with adopting necessary regulations to implement the bill's provisions within a specified timeframe. The bill is set to take effect on the first day of the fifth month following its enactment.