SB339: Revises provisions relating to common-interest communities. (BDR 10-639)

Legislative Summary

AN ACT relating to common-interest communities; requiring the Real Estate Division of the Department of Business and Industry to audit the financial accounts of unit-owners' associations of common-interest communities under certain circumstances; requiring background investigations for candidates nominated for membership on executive boards of associations; revising provisions relating to reserve accounts; providing that certain actions related to common-interest communities are not subject to mandatory alternative dispute resolution processes and must be adjudicated as small claims; and providing other matters properly relating thereto.