Bill Status of SB0111 102nd General Assembly
Short Description: CONDOS-SALE OF PROPERTY
Sen. Sara Feigenholtz
| 4/16/2021||Senate||Rule 3-9(a) / Re-referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Condominium Property Act. Provides that any unit owner objecting to a sale of the property shall have 30 (instead of 20) days from the date of the meeting approving the sale of the property to file a written objection. Provides that for the vote to approve a sale of the property to be valid, the notice to unit owners announcing the unit owner meeting shall include the name of the proposed purchaser, the amount the purchaser is offering, and copies of any written offer from the proposed purchaser. Provides that the notice shall apprise the unit owners that after the purchaser has received the required 75% approval, any unit owner objecting to the sale shall have 30 days from the date of the meeting approving the sale of the property to file a written objection. Provides that a sale of the property is solely within the powers, duties, and authority reserved by law to the members of the association. Restricts the association and the board of managers from acting in furtherance of a sale of the property on behalf of all unit owners absent the approval of such action. Allows a unit owner to serve a written demand on the board of managers to immediately cease and desist taking action if the association or board of managers takes any action in furtherance of a sale of the property on behalf of all unit owners without first receiving the affirmative vote of not less than 2/3 of unit owners. Requires the board of managers to certify to each unit owner making the demand that the action has ceased or that no such action has taken place within the preceding 90 days. Allows a unit owner making a demand to commence a legal action to enjoin and restrain the unauthorized action if the board of managers fails to certify that all action has ceased or is not taking place, or falsely certifies the same. Provides that, upon proof of a violation, the unit owner is entitled to recover from the association and any member of the board of managers participating in or approving the unauthorized action all reasonable costs and expenses. Makes other changes.