| This legislation, mirroring SB 374, significantly revises state law on residential property associations (condominium, cooperative and homeowners') and the responsibilities of both developers and residents. Among provisions, the bill stipulates turnover and transition requirements; requires developers to establish a two-year operating budget prior to turnover/transition which includes reserve accounts for capital expenditures and deferred maintenance; requires developers to post performance and maintenance bonds; and spells out civil penalties for violations of the Act. For the proponents' summary of the bill, please click here. |
