Status on Condominium Recodification and Investment Bills

On April 21, 2005, I reported on a Conference Committee Hearing on Recodification bill and investment bill. 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 1132 CD1 This is the second part of the Recodification. Although there are issues with the Recodification, it is better than the current law.

SB1137 CD1 This bill will eliminate the prohibition on purchasing CDs through a securities broker from the Recodification. The prohibition was added at the last minute in the last legislative session and would make most associations immediately in violation of the law upon the effective date of the Recodification. There is no good reason for associations to be limited in the ways it acquires its federally insured investments. Substantially the same language is in SB 1132 CD1, so the issue appears to be resolved.