S 3348
The "Owners' Rights and Obligations in Shared Ownership Communities Act."
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- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill, the "Owners’ Rights and Obligations in Shared Ownership Communities Act," aims to protect the rights of homeowners in shared ownership communities, such as condominiums, planned communities, and cooperatives. It seeks to ensure fair treatment by homeowners’ associations, clarify their responsibilities, and establish a framework for dispute resolution. The bill establishes a commission to oversee these communities, promote democratic governance, and provide standardized disclosures to prospective buyers. It also addresses issues related to developer control and establishes a system for handling fines and enforcement actions.
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