CONDO-EXEMPT SMALL CONDOS

Amends the Condominium Property Act. Creates a new exception to the Act. Provides that the Act applies to all condominiums, except it does not apply (instead of the Act applies to all condominiums unless otherwise expressly provided in the Act) to a condominium or a condominium unit owners' association with either 10 units or less or annual budgeted assessments of $100,000 or less, unless the association affirmatively elects to be covered by this Act by a majority of its directors and unit owners. Provides that a condominium or a condominium unit owners' association that has either 10 units or less or annual budgeted assessments of $50,000 or less is exempt from provisions of the Act concerning board meetings being open to unit owners, quorum requirements at an owners' meeting, special meetings, and notices of meetings, but the board of directors of the association is required to provide notice of meetings to unit owners in a manner and at a time that will allow unit owners to participate in those meetings. Effective immediately.