Condominium Records Bills Conference Committee Hearing

On April 22, 2005, I reported on the conference committee on the condominium records bill. The hearing notice states that the conference committee will reconvene on Tuesday, April 26, 2005 at 9:00 a.m. in Conference Room 016 to discuss SB 1348 HD1.

The conference committee voted to report out a CD1 that incorporates the SB 1349 HD1 langugage. This bill would change the law so that associations would need to make financial statements, general ledgers, the accounts receivable ledger, accounts payable ledgers, check ledgers, insurance policies, contracts, and invoices available to its members for as long as the Association keep those records. Currently, owners have a right to those for 2 years and may request them thereafter. While I have concerns about this bill because it attempts to micromanage condominium associations, the House Consumer Protection Committee eliminated the primary concern that the bill would have required associations to keep these types of documents for five years.