The bill establishes the Common Interest Community Task Force, which aims to study and make recommendations on the laws governing common interest communities, including their functions, responsibilities, assessment collection practices, election practices, financial decisions, and contractual relationships with community association managers. The task force will consist of 13 members, including two members each from the Senate and General Assembly, the Commissioner of Community Affairs or a designee, one member appointed by the Chief Justice of the New Jersey Supreme Court, and seven public members appointed by the Governor, representing various stakeholders in common interest communities.

Members of the task force will serve without compensation but may be reimbursed for necessary expenses. The Commissioner of Community Affairs is tasked with providing professional and clerical staff to support the task force. The task force is required to hold its first meeting and appoint a chairperson within 60 days of the bill's enactment and must present its findings and recommendations to the Governor and Legislature by the first day of the sixteenth month following its organization, after which it will dissolve.