Establishes procedure to dissolve common interest community by constituent homeowners.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill establishes a process for constituent homeowners in New Jersey to dissolve their common interest communities. It allows homeowners to petition for dissolution, requiring at least 25% of the association members to sign a plan. The executive board must hold a vote within 60 days, and a two-thirds majority approval is needed for the dissolution to proceed. If the board fails to act, a member can petition the Department of Community Affairs. The bill also outlines penalties for board inaction and requires the Department to create regulations governing the dissolution process.
Bill text
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Document of record
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Sponsors
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1 on record
Primary sponsor
Michael Testa
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