Bill Status of HB2931 100th General Assembly
Short Description: CONDOS-COMBINED UNITS;SURPLUS
Rep. Robyn Gabel
| 3/31/2017||House||Rule 19(a) / Re-referred to Rules Committee|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Condominium Property Act. Provides that condominium bylaws shall provide that notwithstanding any provision in the condominium instruments to the contrary, the board of managers has discretion to: (i) address any budget surplus by transferring the surplus funds or portion thereof to the association's capital or operating reserves or applying the surplus funds to any other common expense; and (ii) address any deficit by incorporating the deficit into the following year's annual budget. In provisions governing the combination of units, defines "combination of any units". Provides that the exclusive right to use as a limited common element any portion of the common elements that is not necessary or practical for use by the owners of any other units is not a diminution of the ownership interests of all other unit owners requiring unanimous consent of all unit owners under other provisions of the Act or any percentage set forth in the condominium instruments. Provides that notwithstanding other provisions of the Act or the condominium instruments, an amendment pursuant to the Section governing combination of units is effective if it meets the requirements set forth in that Section.