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2008 SESSION
HB 516 Common Interest Community Board; established.
Introduced by: Terrie L. Suit | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Common Interest Communities. Establishes a Common Interest Community Board, creates a Common Interest Management Information Fund, and allows for a certification process for Common Interest Association managers. The bill adds several new definitions to the Property Owners' Association, Condominium, Real Estate Cooperative, and Time-Share Acts, including "common interest community manager." The bill also sets limits for the fees to be charged for preparation of the required disclosure packets and prohibits any other fees not expressly authorized in the POAA. The bill (i) provides that all declarations shall comply with the terms of the POAA, and the associations created in accordance with the POAA shall have only those powers that are expressly granted in the POAA; and (ii) provides that if settlement does not occur within 90 days of the delivery of the disclosure packet, the fee shall be assessed against the lot owner for which the disclosure packet was prepared and shall become as an assessment against the member's lot. The bill contains technical amendments, which reorganize the POAA into three articles: general provisions, disclosure requirements, and operation and management of associations. HB 1076 incorporated into this bill. This bill is identical to SB 301.
SUMMARY AS PASSED HOUSE:
Common Interest Communities. Establishes a Common Interest Communities Board, creates a Common Interest Management Information Fund and allows for a certification process for Common Interest Association managers. The bill adds several new definitions to the Property Owners' Association, Condominium, Real Estate Cooperative, and Time-Share Acts, including "common interest community manager." The bill also sets limits for the fees to be charged for preparation of the required disclosure packets and prohibits any other fees not expressly authorized in the POAA. The bill (i) provides that all declarations shall comply with the terms of the POAA, and the associations created in accordance with the POAA shall have only those powers that are expressly granted in the POAA; (ii) increases the cap on the liability of the association or its manager from $500 to $5,000 for actual damages sustained by the seller in the event of the association's failure to comply with the POAA; and (iii) provides that if settlement does not occur within 90 days of the delivery of the disclosure packet, the fee shall be assessed against the lot owner for which the disclosure packet was prepared and shall become as an assessment against the member's lot. The bill contains technical amendments, which reorganize the POAA into three articles: general provisions, disclosure requirements, and operation and management of associations. HB 1076 incorporated into this bill.
SUMMARY AS INTRODUCED:
Common Interest Community Board. Establishes a Common Interest Communities Board, creates a Common Interest Management Information Fund and allows for a certification process for Common Interest Association managers.