AB324: Revises provisions relating to common-interest communities. (BDR 3-769)

Legislative Summary

AN ACT relating to common-interest communities; requiring the Real Estate Division of the Department of Business and Industry to adopt regulations establishing a mechanism by which a unit's owner in a common-interest community may deposit into an escrow account certain assessments during the mediation of certain claims; providing that any assessment deposited in such an account does not become past due for a certain period of time; authorizing a mediator to take certain actions if a party fails to mediate certain claims in good faith; requiring the Commission for Common-Interest Communities and Condominium Hotels to conduct an election to replace the members of the executive board of a unit-owners' association under certain circumstances; requiring parties to certain claims submitted to mediation to mediate in good faith; and providing other matters properly relating thereto.