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2009 SESSION
SB 1143 Common Interest Community Board; clarifies powers and duties, technical changes.
Introduced by: Mary Margaret Whipple | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Common Interest Communities. Limits that authority of the Common Interest Community Board to impose fines against governing boards rather than individual members of the governing board and adds requirement for a hearing before imposing a fine. The bill also changes the annual assessment collected by the Board from common interest community managers, condominium unit owners associations, real estate cooperative associations and property owners associations from the two hundredths of one percent (0.02%) to the lesser of $1,000 or five hundredths of one percent (0.05%) of the managers' gross receipts from community management work and the associations' gross assessment income. A minimum assessment of $10 is also provided. The bill also makes several other technical amendments including (i) conforming provisions relating to the delivery of the association disclosure packet, and (ii) changing the venue for Board actions from City of Richmond to Henrico County. This bill is recommended by the Virginia Housing Commission.
SUMMARY AS PASSED SENATE:
Common Interest Communities. Limits that authority of the Common Interest Community Board to impose fines against governing boards rather than individual members of the governing board and adds requirement for a hearing before imposing a fine. The bill also changes the annual assessment collected by the Board from common interest community managers, condominium unit owners associations, real estate cooperative associations and property owners associations from the two hundredths of one percent (0.02%) to the lesser of $1,000 or eight hundredths of one percent (0.08%) of the managers' gross receipts from community management work and the associations' gross assessment income. A minimum assessment of $10 is also provided. The bill also makes several other technical amendments including (i) conforming provisions relating to the delivery of the association disclosure packet, and (ii) changing the venue for Board actions from City of Richmond to Henrico County. This bill is recommended by the Virginia Housing Commission.
SUMMARY AS INTRODUCED:
Common Interest Communities. Clarifies powers and duties of the Common Interest Community Board and changes the annual report fee percentage paid from unit owners' association to 10 percent and makes other needed technical changes. This bill is recommended by the Virginia Housing Commission.