Update on Bills Altering the Condominium Property Act
The two bills we've been tracking regarding the Condominium Property Act have had some modifications in the past few weeks.
On April 28, 2008, HB 5037 had a second amendment introduced which modifies the proposed changes to grant greater rights for notice regarding the owners of the condominium properties found to be in "distress." The first amendment to the bill updated and clarified different provisions regarding the nature of distressed properties and elaborated on findings regarding "distress."
On April 18, 2008, HB 5189 was completely modified by a second amendment that modifies the rules concerning governing boards clarifying the rules on leasing units and also inserts a grandfather clause for unit owners who may be leasing at the time the governing board may enact rules regarding leasing. The clause would allow the leasing unit owner to continue leasing until they sell the unit.
