RELATING TO CONDOMINIUM.
What changed between versions
Removed the 'good faith' defense that associations could use to avoid liability when omitting required budget summary information.
Changed the burden of proof from unit owners to associations, requiring associations to prove they complied with budget summary requirements.
Removed the requirement that associations must prepare an annual operating budget and reserve study before unit owners can enforce compliance.
Removed the requirement that budget summaries explain how replacement reserve assessments were calculated using specific methods like 'per cent funded' or 'cash flow plan'.
Removed the requirement for budget summaries to disclose whether prior year assessments were less than study projections and explain the impact on future assessments.
Removed the requirement for budget summaries to disclose whether the amount collected was calculated using a specific funding method.