PLEASE NOTE: The Amendments in this newsletter ONLY apply to condominium associations.
Amendments Under House Bill 1237 Accomplished Little More Than Discouraging Service on the Board:
- Volunteer Officers and Directors Put On Notice of Potential for Criminal Prosecution
- Immunities Eroded
- Presumed Guilty Until Proven Innocent
- No Dual Representation
- Directors/Managers May Not Buy Distressed Units
- Conflicting Conflict of Interest Rules
- Suspension of Voting Rights Requires Prior Notice & Delinquency of at Least $1,000
- Voting Rights for Units in Receivership Suspended
- Arbitration Reforms
- Website Requirement for Condos with 150 or More Units
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