Prohibits common interest communities from penalizing members who place unit into living, revocable trust fund or classifying placement as title transfer.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill prohibits common interest communities, such as homeowners’ associations and condominium associations, from penalizing members who place their property into a living, revocable trust fund or classify this placement as a title transfer. Currently, some association governing documents allow the association to charge fees based on these transfers. The bill aims to protect members, particularly seniors, by preventing these financial penalties while allowing associations to cover reasonable transfer-related costs.
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