Organization and operation of housing cooperatives modified; member violations addressed; disclosures and notice required; purchaser permitted to cancel; express and implied warranties established; and clarifying, technical, and conforming changes made.

This bill updates Minnesota laws governing housing cooperatives to clarify how they are organized and operated, directly affecting residents and owners of these communities. Key changes include establishing express and implied warranties for purchasers, allowing buyers to cancel contracts under specific conditions, and requiring cooperatives to provide clear disclosures and notices to members. The legislation also defines critical terms like "assessment" and "common elements" to ensure transparency regarding financial charges and shared spaces. Additionally, the bill modifies tax rules to allow membership interests to qualify for homestead exemptions while ensuring cooperatives remain responsible for paying their share of real estate taxes.