Bill Summary

by Bradley

Condominium and Cooperative Associations; Revising the methods of delivery for a copy of the most recent association financial report to include electronic delivery via the Internet; authorizing a unit-owner-controlled association to obtain a line of credit in lieu of maintaining reserves for budgets adopted on or before a specified date upon a majority vote of the association; revising the disclosures that must be included in a contract for the sale and resale of a residential unit; requiring a board to use best efforts to make prudent investment decisions in fulfilling its duty to manage operating and reserve funds of the association, etc. Effective Date: 7/1/2025

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