Establishes procedure to dissolve common interest community by constituent homeowners.

This bill creates a new legal process in New Jersey that allows homeowners in a common interest community, such as a condominium or planned development, to vote to dissolve their association. The process begins when at least 25% of members sign a petition to propose a dissolution plan, which must then be approved by a two-thirds majority vote at a meeting held within 60 days. If the executive board fails to organize this meeting or vote, individual members can bypass the board by submitting a petition signed by two-thirds of the homeowners directly to the Commissioner of Community Affairs. Additionally, the bill requires the Commissioner to establish specific rules for dividing shared property like roads and parks and outlines how government entities might take over such assets if necessary.