Status of Condominium Records Bills

On April 22, 2005, I reported on a Conference Committee Hearing on bills relating to condominium records. The committee passed out amended versions of the bills and they will be going to House and Senate floors for final vote next week.

SB 1348 CD1 This bill requires that board of director minutes for the current and prior year be made available either at: (a) no cost or on 24 hour loan to all members at the project; or (b) mailed, faxed or emailed to the owner within 15 days of the request. If the owner indicates a preference for mail, fax or email in his or her request, the association must use that method of transmission. Any costs incurred by the Association must be revealed to the owner prior to the assessment of the fee. The bill makes changes to Chapter 514A and the Recodification. The Conference Draft represents a major improvement over earlier versions of the bill.

SB 1349 CD1 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. I have concerns about this bill because it attempts to micromanage condominium associations. However, the amended bill has addressed the concern that the bill requires associations to keep these types of documents for five years. Once again, the Conference Draft represents a major improvement over earlier versions of the bill.