NEW CONDOMINIUM LAW REQUIREMENTS, EFFECTIVE JULY 1:
▪ Condo associations with 150 or more units will publish financial reports on a web page, accessible with passwords. If it’s proven that documents were denied to owners in order to hide fraud, those responsible could face felony charges under a clause that takes effect in July 2018.
▪ Directors will be limited to eight years on the board of homeowners associations. But they will be able to continue in office if they win a super-majority of the votes from owners in subsequent elections.
▪ Directors are forbidden from receiving payments from the association or hiring their relatives. Currently, directors can be paid for services such as cleaning, painting and repairs as long as all other directors are informed of the arrangement.
NEW CONDOMINIUM LAW REQUIREMENTS, EFFECTIVE JULY 1:
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