An Act Concerning Court-ordered Accountings Of Common Interest Community Financial Records And Revising The Disclosure Requirements Relating To Common Interest Communities.

Summary

If enacted, this bill would allow unit owners of common interest communities (condos, HOAs) to petition the Superior Court for an accounting of the association's financial records, revise disclosure requirements for such communities, and cap the fee charged for preparing and recording a lender questionnaire. The bill primarily affects condo/ HOA associations and unit owners, but also lenders who rely on questionnaires for mortgage origination.